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Originally Posted by freetravelguys
(Post 19859883)
Yes. Not an issue. I believe back when I read their T&C the cut off was somewhere around $36,000.
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Amazon Payments
If I recall, it is $20K AND 200 transactions
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Originally Posted by deant
(Post 19859985)
If I recall, it is $20K AND 200 transactions
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Originally Posted by amolkold
(Post 19859915)
The cut off is actually 200 transactions and/or $20,000.
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Originally Posted by wcoeqpk862
(Post 19859847)
is everyone sure that if you do the free max amount per year (12k) that amazon won't report it as "earnings" to the IRS if you send it to a friend or family member??
...this could be a huge problem!!
Originally Posted by wcoeqpk862
(Post 19860119)
awesome good to hear. thanks everyone for responding. just wanted to double check before the scheme accidentally got us all a fat tax bill. my accountant was worried!!
This will not be a "huge" problem. If they did send 1099s, you'd simply include a statement with your explanatory statements that the proceeds were a loan, or repayment thereof. Unless you're really just outright giving the money to someone, that person is returning the money to you, and it would be a loan and repayment. Even if you did outright gift it to someone, there is an annual $12,000 gift exemption. There are so many reasons why this is not a "problem. Anyone thinking there is a tax issue is woefully uninformed. You might want to find a new accountant. |
Originally Posted by NYBanker
(Post 19860988)
Even if you did outright gift it to someone, there is an annual $12,000 gift exemption.
Originally Posted by NYBanker
(Post 19860988)
There are so many reasons why this is not a "problem. Anyone thinking there is a tax issue is woefully uninformed. You might want to find a new accountant.
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We always choose "Goods/Services" rather than the other option "Cash Advance" in order not to get charged extra by AP. How would you explain it on the taxes in the worst case you get a tax bill?
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Originally Posted by Achilles
(Post 19861183)
We always choose "Goods/Services" rather than the other option "Cash Advance" in order not to get charged extra by AP. How would you explain it on the taxes in the worst case you get a tax bill?
If audited I'd just say it was a spousal game created to show appreciation of the tasks we do for one another, such as laundry- here's $100. Actually if audited I'd ask my CPA- but any way I wouldn't be paying tax. |
Originally Posted by Achilles
(Post 19861183)
We always choose "Goods/Services" rather than the other option "Cash Advance" in order not to get charged extra by AP. How would you explain it on the taxes in the worst case you get a tax bill?
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Originally Posted by freetravelguys
(Post 19861785)
Put it this way...this thread is hundreds of posts long and a few years running. I don't recall a single person reporting they received a 1099. If you're just doing the 1k each month, you're fine, period.
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Originally Posted by deant
(Post 19861903)
Remember, the limit is $20K AND 200 transactions. So I doubt anyone on this board would have the 200 transactions - even IF they were able to have multiple accounts.
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Originally Posted by NYBanker
(Post 19864500)
I know some who would like $20k in transactions. ;)
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How can 1 person create multiple AP accounts?
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Originally Posted by Slybone
(Post 19869523)
How can 1 person create multiple AP accounts?
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Originally Posted by Achilles
(Post 19870536)
No you can't, unless you have multiple SSNs
If you are successful, you will have a bigger issue than AP to worry about.:D |
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