DId you get that paperwork from the IRS about purchasing? over $600.00


So a friend of mine told me that if you purchase anything with pay pal and it is over $600.00 you will get a form from IRS and you will have to cut them a check.is this true? and does that mean I can't purchase from Ebay or any other audio site? say it ain't so.

gmosley
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That should be unconstitutional.

There is nothing in the constitution about that. It just gives congress the power to tax and they seem to be very good at doing that. 

@gmosley This was delayed by the IRS for this tax year. It was in the news a month or two ago. They will put it into effect this coming year. 

When determining "profit", is the sales amount in nominal dollars or inflation adjusted dollars? If you buy something for $1000 then sell it after inflation is declared at 10% for $1050, have you made a "profit"? The dollars you were paid are actually worth $945 (adjusted for inflation) compared to the pre inflation $1000.

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