Re: Friends & Family Money - Count Towards $20K/200 Trans?
Found it within 2 mins on G.
"No. Personal payments that are not payments for the sale of goods or services
will not be counted when determining if the IRS thresholds have been
reached and will not be included on your Form 1099-K if you exceed the thresholds."
Re: Friends & Family Money - Count Towards $20K/200 Trans?
Quote:
Originally Posted by Simpson
Will my paypal suspend if i daily recieve friend and family payment ?
Not more than likely, they will limit your account FOR SURE if you receive daily F&F payments. Paypal is a payment processor and only makes money by collecting transaction fees. Therefore, they do not like when users try to bypass paying fees.
Re: Friends & Family Money - Count Towards $20K/200 Trans?
I also recevied many payment as a friend and family ..
it will risk my account or not ? because in current month i have received approx $1000 as an personal payment and mostly are for goods payment
Re: Friends & Family Money - Count Towards $20K/200 Trans?
It's just not worth it, especially if you're really receiving payments like that on the account. You will lose your account sooner or later, both of you.
Why not just pay them their cut and be safe about it? They take like $95 on a $3500 transaction, is that really so bad?? I know it's not as good as Western Union's fee but it's still worth paying for the sake of your account.
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