This ^^ The guys on ARFCOM have pretty much beat this up. The bottom line is, if you make more than $600 a year on any transfer you must report it on your taxes. The electronic money transfer companies are REQUIRED to report every transfer over $600. It also sounds like if you have a cumulative amount over $600 dollars per year everything after that must be reported by the electronic transfer company to the IRS. It' used to be $20,000. The republicans wanted it limited to $10,000 but the democrats made it $600. That is my understanding via the guys on ARFCOM.
Talk to your tax accountant for the final decision.
kwg
