I use my PayPal account like a savings/checking account and often will transfer large amounts of money between my PayPal account and CitiBank.
My question is whether taxes will kill me transferring a lot of money into my CitiBank account all at once, since PayPal isn't a government-recognized bank?
You mean, income taxes? You pay income taxes on INCOME, regardless of where you store it. Money sitting in Paypal is not tax-exempt.
If you're not referring to income taxes, please clarify so I can provide you more inexpert advice, for which I will not be held liable!
We're a friendly, industry-focused community of developers, IT pros, digital marketers, and technology enthusiasts meeting, networking, learning, and sharing knowledge.
