SSN Verified Paypal...what does it really mean?

xovian · #1 12-26-2014

So if my paypal becomes SSN verified, does it mean I can get passed the 20K limit without any problems? Or do they still question me when I hit that amount?

Just wondering how the whole thing works when you verify the ssn.

Btw, do your seller limits increase in eBay if you have SSN verified?

yankee · #2 12-26-2014

do you have a SSN?!?

It is IRS law that requires tax reporting if a credit card processor handles 200 transactions AND 20K. To exceed this you need to supply tax info.

Being from Canada I am guessing a company of some sort would work with an EIN.

slokor · #3 12-26-2014

The SSN will get you past the 20k limit and you'll get the relevant tax forms to file at the end of the year.
You do NOT get an increase to your selling limit - it has nothing tto do with thowe limits as they are on the eBay side of things.

pokerpro · #4 12-26-2014

You can go into paypal right now, enter your SSN and they won't say anything to you when you hit 200 or 20K......

You and the IRS will just both get the appropriate paperwork at the end of the year.

xovian · #5 12-26-2014

Thanks guys. That should help.

I'm assuming I can hit even 30K and they will just mail me the tax forms separately right?

yankee · #6 12-26-2014

Quote:

Originally Posted by xovian

Thanks guys. That should help.

I'm assuming I can hit even 30K and they will just mail me the tax forms separately right?

Are you from the US or Canada?

In the US we get limited well before the 200-20K most of the time.

xovian · #7 12-26-2014

Im in canada but i wanted to know cuz my cousin is from the usa and he doesnt own a paypal. Thought I'd get some info for him.

Btw..does anyone here sell aged accounts with feedback? Just wondering...

MM78 · #8 12-27-2014

Quote:

Originally Posted by xovian

Btw..does anyone here sell aged accounts with feedback? Just wondering...

Asking out in the open forum is a bad idea, please consult with verified sellers on the forum.

solefoodbk · #9 12-27-2014

Quote:

Originally Posted by MM78

Asking out in the open forum is a bad idea, please consult with verified sellers on the forum.

Your just asking for members to spam you with scams. Listen to MM78.

GreenBean · #10 12-27-2014

Quote:

Originally Posted by xovian

Thanks guys. That should help.

I'm assuming I can hit even 30K and they will just mail me the tax forms separately right?

Never assume.

paypal USA ask for tax info on projected sales. Lowest I have seen is $5000.

Tell your cousin to join up. We prefer to not do 3rd party advice.

newjerseymax · #11 12-27-2014

Quote:

Originally Posted by GreenBean

Never assume.

paypal USA ask for tax info on projected sales. Lowest I have seen is $5000.

Tell your cousin to join up. We prefer to not do 3rd party advice.

I got hit with $3000... Something flagged me... Added EIN and Bank to both PP and ebay and got 27k limit.... crazy cause I have accts that have been $1000 limit for years....

xovian · #12 12-27-2014

Thats great newjerseymax!

And thanks all, I will keep in mind of it.

newjerseymax · #13 12-28-2014

I have been testing using bank as payment option for ebay.... then switch it back to paypal. ebay makes a deposit of 1 cent.... There has to be logic to it....

GreenBean · #14 12-28-2014

Let us know if you ever work that out, NJM.

rsot · #15 12-28-2014

Quote:

Originally Posted by xovian

Im in canada but i wanted to know cuz my cousin is from the usa and he doesnt own a paypal. Thought I'd get some info for him.

Btw..does anyone here sell aged accounts with feedback? Just wondering...

Have your cousin join - get info firsthand

PaMike · #16 12-29-2014

Does paypal check EIN info just for the IRS requirement or do they also use it to link accounts? I have a clean business name and EIN, but the address matches a suspended ebay personal account address. I do still have a clean paypal with that address...

RichardCard82 · #17 12-29-2014

I've had a stealth canadian paypal for over 6 months. I've had all my payments sent as gift and i've prob withdrawn well over 15k from it. I've also well surpassed the 200 transactions. This is also using a Los Angeles IP. I've never had one email requesting any information like that. Knock on wood. Im not saying the account is invisible. I just got my first dispute yesterday after 6 months. It was an honest mistake from the buyer and he had said that someone else had access to his account. I quickly refunded him and he told me will resend payment once its refunded ($15). Good luck

yankee · #18 12-29-2014

Quote:

Originally Posted by RichardCard82

I've had a stealth canadian paypal for over 6 months. I've had all my payments sent as gift and i've prob withdrawn well over 15k from it. I've also well surpassed the 200 transactions. This is also using a Los Angeles IP. I've never had one email requesting any information like that. Knock on wood. Im not saying the account is invisible. I just got my first dispute yesterday after 6 months. It was an honest mistake from the buyer and he had said that someone else had access to his account. I quickly refunded him and he told me will resend payment once its refunded ($15). Good luck

Gift payments do not count toward 1099k Nor do echecks, paypal credit or paypal balance transactions. ONLY credit card processing counts.

deanmoney · #19 01-02-2015

Quote:

Originally Posted by PaMike

Does paypal check EIN info just for the IRS requirement or do they also use it to link accounts? I have a clean business name and EIN, but the address matches a suspended ebay personal account address. I do still have a clean paypal with that address...

I am also in the same situation. I have an LLC but my address matches my suspended address along with my suspended first/last name.