Quick question

[D_Evans89]

if you have an ot that accepts payments do you have to claim that when you file taxes?

 

[vTune]

Nope. Or I live in Sweden and I have never done that. As long as you have the money on paypal you dont have to atleast, even if you should.

 

[Evan]

It really depends on where you live.

I live in Michigan, United States and I only have to report the claims if the total donations I received in a calendar year exceeds $14,000.
So, once I receive more than $14,000, I have to start reporting additional donations for gift taxes.

Though, I think @vTune has a point, if the money stays on PayPal, then I don't think any tax law applies. However, once you withdraw the money from PayPal, it starts to count as donations towards $14,000 (in my state/country).

Though, this was merely based on my research, I am not an accounting expert.

EDIT: PayPal only allows you to hold up to $20,000 before they start reporting you.
https://www.paypal.com/webapps/mpp/irs6050w

EDIT2: Nevermind about previous EDIT
Are personal payments that I receive counted in the total that will be reported to the IRS?
No. Personal payments that are not payments for the sale of goods or services will not be counted when determining if the IRS thresholds have been reached and will not be included on your Form 1099-K if you exceed the thresholds. However, all payments received for the sale of goods or services will be used to calculate the gross payment volume to be reported. PayPal monitors accounts to ensure that personal payments are not being used for sales of goods and services.

 

[D_Evans89]

Ok thanks for the feedback! I plan to have my 100% custom ot up n runnin by end of February at latest!

 

[madness1999]

hopefully not teleports ;D

 

[D_Evans89]

Only teleports will be where they should b lol no room with 50 portals for each spawn that stuff sucks