How much money can you have in a paypal account before you have to pay tax on it?

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How much money can you have in a paypal account before you have to pay tax on it?

2007-05-27 20:26:18 · 2 answers · asked by cranford72 2 in Business & Finance ➔ Taxes ➔ United States

2 answers

Unlimited. Merely putting money in a PayPal account does not trigger a taxable event, in and of itself. It's nothing more than a specialized bank account. Putting money in the bank doesn't trigger taxes.

2007-05-27 20:36:23 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋

Bostonian is correct. Just having money in a PayPal account means nothing.

It is the reason why you have money there that may cause you to have to pay taxes on the money.

2007-05-28 07:38:24 · answer #2 · answered by Steve 6 · 1⤊ 0⤋