Possibly needing to get an EIN
Acct is selling well and (likely based on projected sales) just got the email from PP requesting SSN or EIN.
I have a question about what I see from the actual PPl site which is: Quote:
PayPal is required to report gross payments received for sellers who receive over $20,000 in gross payment volume AND over 200 separate payments in a calendar year. A seller has to exceed both IRS thresholds ($20,000 in gross payment volume and 200 separate payments) in a calendar year before a Form 1099-K is required.
| My question is (and I have read through several posts but haven't gotten clarity) when it comes to items/dollar amount sold, will PP send the 1099 at 200 items OR $20K? Or does it have to be both at 200 items AND $20K like noted on the PP site?
Seems to spell it out clear on PP site, but want to double check w users who know or have experienced first hand before I make a mistake. I know how they are d*cks and like to trip ppl up w wordplay.
For example - let's say my items cost $50/ea. Does that mean I'd never make it to $20K anyway without getting a 1099? ($50/item x 200 = $10K)
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