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10-29-2014
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Activity: 29% Longevity: 63% | | Re: What happens when Tax info requested? Quote:
Originally Posted by Klemantina .
1) Operate under 200-20k each year. It will reset on January? (is it true for all country's?) | No. Rules differ from country to country.
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10-29-2014
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Activity: 0% Longevity: 60% | | Re: What happens when Tax info requested?
Sorry if this is a basic question.
But I found different answers to this.
Is this 200 Sales AND 20,000 to be asked for Tax ID?
OR
Is it 200 Sales OR 20,000 whichever comes first?
I have some accounts with cheaper items that would easily
reach 200 sales in 3 months but won't cross the $2500 in
sales.
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10-29-2014
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Activity: 0% Longevity: 79% | | Re: What happens when Tax info requested? Quote:
Originally Posted by gonzoman Sorry if this is a basic question.
But I found different answers to this.
Is this 200 Sales AND 20,000 to be asked for Tax ID?
OR
Is it 200 Sales OR 20,000 whichever comes first?
I have some accounts with cheaper items that would easily
reach 200 sales in 3 months but won't cross the $2500 in
sales. | 200 AND 20k
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10-29-2014
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Activity: 0% Longevity: 60% | | Re: What happens when Tax info requested? Quote:
Originally Posted by 123 200 AND 20k | Thank you.
Do you think I will be safe with around 300 transactions
and about $3000 a year, that would spread evenly every month
from January. Not sure if this can be answered but...
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10-29-2014
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Activity: 0% Longevity: 79% | | Re: What happens when Tax info requested? Quote:
Originally Posted by gonzoman Thank you.
Do you think I will be safe with around 300 transactions
and about $3000 a year, that would spread evenly every month
from January. Not sure if this can be answered but... | You should be I've never gotten one that low, lowest I've gotten a notice is around 9k
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10-29-2014
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Activity: 0% Longevity: 60% | | Re: What happens when Tax info requested? Quote:
Originally Posted by gonzoman Thank you.
Do you think I will be safe with around 300 transactions
and about $3000 a year, that would spread evenly every month
from January. Not sure if this can be answered but... | You would not be required to get a 1099K BUT most people report that around 150-180 items and they get the request.
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10-29-2014
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Activity: 0% Longevity: 60% | | Re: What happens when Tax info requested? Quote:
Originally Posted by 123 You should be I've never gotten one that low, lowest I've gotten a notice is around 9k | Thank you 123. I was under the impression that I should stop selling
after 150-160 transaction no matter the amount of money that
came in, to avoid adding tax ID.
Good to know this is not the case
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10-29-2014
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Activity: 0% Longevity: 79% | | Re: What happens when Tax info requested? Quote:
Originally Posted by gonzoman Thank you 123. I was under the impression that I should stop selling
after 150-160 transaction no matter the amount of money that
came in, to avoid adding tax ID.
Good to know this is not the case | Actually I should preference my statement by saying I sell higher dollar goods, so that scenario may actually be different
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10-29-2014
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Activity: 0% Longevity: 60% | | Re: What happens when Tax info requested? Quote:
Originally Posted by yankee You would not be required to get a 1099K BUT most people report that around 150-180 items and they get the request. | Yeah, this is what I read in other threads, this is why I brought it up
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10-29-2014
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Activity: 0% Longevity: 78% | | Re: What happens when Tax info requested?
I think I sell the lowest-end items of everyone here. And I'll tell you that I am getting tax ID requests at anywhere from 175-195 transactions, with a total received $ amount being ~$1,400 (of which, $400 was spent on shipping, eB and PP fees[I sell $5 items with $2 shipping]). This has happened to me several times, and as the year is coming to a close I am dealing with what I call "The PP Shuffle" 2-3x a week.
As for the OP's question: You are limited from receiving money, which causes an upset in your cashflow from your eB auctions, but you can still spend and withdraw your funds as you wish.
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10-29-2014
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Activity: 0% Longevity: 60% | | Re: What happens when Tax info requested?
So what I see as a worst case scenario is some people can not pay if the request/limitation happens before all funds are received.
If that happens, a manual invoice from another PP or credit card should resolve this potential issue for my particular items.
Maybe I loose the ebay/paypal account, maybe not(no big deal either way on these accounts)
This forum is all about first hand experience and learning from each other for faster and more profitable business and this is exactly what has happened on this thread.
Thanks for all your input!
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11-07-2014
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Activity: 0% Longevity: 76% | | Re: What happens when Tax info requested?
I just need to understand one thing, is opening an ein number with irs using your name and social security to open it as an LLC for a stealth account; will paypal find out who's ein is it? If so then what's the point of opening an ein like other people are suggesting.
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06-04-2016
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Activity: 0% Longevity: 49% | | Re: What happens when Tax info requested?
its not about 20K limit. I was asked to update the tax information. My sales were only around 3k+ and account is only 3 months old.
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06-04-2016
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Activity: 0% Longevity: 78% | | Re: What happens when Tax info requested?
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06-19-2016
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Activity: 0% Longevity: 49% | | Re: What happens when Tax info requested?
I wonder how to add this EIN? PP wanted me to upload documents to prove my identity before letting me to add this EIN. Is there something I missed? Thanks in advance.
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06-19-2016
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Activity: 100% Longevity: 83% | | Re: What happens when Tax info requested?
Which documents bangbang? Post a screenshot with your username blocked out
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06-19-2016
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Activity: 0% Longevity: 96% | | Re: What happens when Tax info requested? Quote:
Originally Posted by bangbang I wonder how to add this EIN? PP wanted me to upload documents to prove my identity before letting me to add this EIN. Is there something I missed? Thanks in advance. | We do need more info.
Can you give us more info for better replies, please?
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06-19-2016
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So I bought this 1000 limit account and reach 189 sales within the first month, then the tax ID request came up. I didn't add the EIN immediately because I don't have it by the time. Then I waited for some time, when I try to add the EIN, the page directed me to input a SSN. it basically wanted me to prove I'm the person. I can still add a SSN into it before adding a EIN. Quote:
Originally Posted by GreenBean We do need more info.
Can you give us more info for better replies, please?
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06-19-2016
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Activity: 0% Longevity: 60% | | Re: What happens when Tax info requested? Quote:
Originally Posted by bangbang So I bought this 1000 limit account and reach 189 sales within the first month, then the tax ID request came up. I didn't add the EIN immediately because I don't have it by the time. Then I waited for some time, when I try to add the EIN, the page directed me to input a SSN. it basically wanted me to prove I'm the person. I can still add a SSN into it before adding a EIN. | the full number or just the last 4?
The last four is common the past two years or so. Most of us just insert the last four of the EIN number.
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06-20-2016
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Activity: 0% Longevity: 49% | | Re: What happens when Tax info requested?
after I clicked on it, the page direct me to SSN page. I Didn't even have a chance to see the EIN page.
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06-20-2016
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Activity: 0% Longevity: 69% | | Re: What happens when Tax info requested? Quote:
Originally Posted by solefoodbk This may be a little off topic but do accounts made like 2 months 100% reset the start of 2015? I just started about 15-20 stealths around Sept. That would be AWESOME if I could get sales for this last quarter then have it reset! I might be able to get some TRS if they reset. Im more so referring to the (projected listings/listings) as I would most likely hit that limit before 20,000. |
It doesn't happen automatically on 1/1/. It happens late Jan maybe early may. You don't get an email saying "you can receive money again" . It just happens. It doesn't re-set , at least not in my opinion, you may be able to sell again but that little alarm in the message box will still be reminding you to provide your personal info, & in my experience the the limitation comes sooner in the second year than the first. sometimes the lift never comes off until you give the info. Seems kind of random.
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06-20-2016
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Activity: 0% Longevity: 69% | | Re: What happens when Tax info requested? Quote:
Originally Posted by GreenBean Your info is inaccurate.
Another paypal can not be added wisely.
paypal are known to send out 1099 if they project sales are going to reach $20,000.
AND if you are wondering, my reply is based on my own personal experiences with USA accounts. | This is true, if you stop selling say at $19,000 BUT you try & be sneaky & add a second paypal .... & if they can link the two accounts they will send a 1099 regardless of weather the first paypal went above $20,000 or not. If they believe that any paypal is linked to a different account they will add the total & ask for personal info sooner & send a 1099.
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