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03-10-2019
| Junior Member | | Join Date: Nov 2017
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Activity: 0% Longevity: 37% | | Tax question 200/20k
i was searching forum for a while, but it looks like there is only one way to avoid tax limit on eBay Stealth accounts....to get more accounts
Is there any possible way of purchasing stealth US account over here without that limitation?
I would rather get 1 eBay account and take good care of it instead of owning 3-5 etc small volume accounts...
Please excuse me if that particular question was previously discussed before.
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03-10-2019
| | Senior Member | | Join Date: Apr 2018
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Activity: 0% Longevity: 34% | | Re: Tax question 200/20k
Unfortunately no way to avoid the 200/20k self employment tax unless, like you said, use multiple, smaller accounts.
In some states the limits are even lower - MA and VT - so best to avoid PP accounts established in those states.
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03-10-2019
| | Senior Member | | Join Date: Sep 2010
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Activity: 18% Longevity: 78% | | Re: Tax question 200/20k
You can always open a LLC legitimately with a member partner to use their name to create the accounts and use the EIN of the company to get around the 200/20K. Otherwise there is no get around the limit.
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03-10-2019
| | Executive [VIP] | | Join Date: Dec 2009
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Activity: 100% Longevity: 83% | | Re: Tax question 200/20k
Welcome to the forum - all the best as you master stealth |
03-10-2019
| | Senior Member | | Join Date: Apr 2018
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Activity: 0% Longevity: 34% | | Re: Tax question 200/20k
Dont think OP wants to pay taxes for some reason :P
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03-10-2019
| | Executive [VIP] | | Join Date: Dec 2009
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Activity: 100% Longevity: 83% | | Re: Tax question 200/20k Quote:
Originally Posted by Sunspot144 Dont think OP wants to pay taxes for some reason :P | Nice and legal | The Following User Says Thank You to rsot For This Useful Post: | |
03-10-2019
| Senior Member | | Join Date: Apr 2018
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Activity: 0% Longevity: 35% | | Re: Tax question 200/20k
I just pray the limits are not lowered even further...
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03-10-2019
| | Senior Member | | Join Date: Jul 2018
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Activity: 79% Longevity: 33% | | Re: Tax question 200/20k Quote:
Originally Posted by Leader2dark I just pray the limits are not lowered even further... | 200 transactions AND 20,000 dollars is pretty fair,many ebay sellers never reach that limit
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03-10-2019
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Activity: 0% Longevity: 34% | | Re: Tax question 200/20k Quote:
Originally Posted by agent006140 200 transactions AND 20,000 dollars is pretty fair,many ebay sellers never reach that limit | You're okay with it if limits were lowered?
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03-10-2019
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Activity: 79% Longevity: 33% | | Re: Tax question 200/20k Quote:
Originally Posted by Sunspot144 You're okay with it if limits were lowered? | many sellers sell low price items,so they have met 200 transactions but not $20k.
to collect 20k in payment for 200 transactions,your average sale price plus shipping would be $100 a piece.
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03-10-2019
| | Senior Member | | Join Date: Apr 2018
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Activity: 0% Longevity: 34% | | Re: Tax question 200/20k Quote:
Originally Posted by agent006140 many sellers sell low price items,so they have met 200 transactions but not $20k.
to collect 20k in payment for 200 transactions,your average sale price plus shipping would be $100 a piece. | Mhmm. And 20k is 2,500 $8 dollar transactions. That's about 1.5mo worth of sales for me.
Point being, lowered limits isn't good for anyone |
03-10-2019
| Senior Member | | Join Date: Apr 2018
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Activity: 0% Longevity: 35% | | Re: Tax question 200/20k
The official limits can be anything, but if PayPal starts asking for info after a low number of sales, we all screwed.
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03-10-2019
| | Senior Member | | Join Date: Jul 2018
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Activity: 79% Longevity: 33% | | Re: Tax question 200/20k Quote:
Originally Posted by Leader2dark The official limits can be anything, but if PayPal starts asking for info after a low number of sales, we all screwed. | the whole idea of 20 plus 200 is to send you a 1099 form,there is no reason for Paypal to lower the threshold unless IRS makes changes.
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03-10-2019
| | Senior Member | | Join Date: Apr 2018
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Activity: 0% Longevity: 34% | | Re: Tax question 200/20k Quote:
Originally Posted by agent006140 the whole idea of 20 plus 200 is to send you a 1099 form,there is no reason for Paypal to lower the threshold unless IRS makes changes. | Think you missed what was said |
03-10-2019
| Junior Member
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Activity: 0% Longevity: 37% | | Re: Tax question 200/20k
Thank you, everyone, for sharing useful information. I do not want to pay taxes from the small accounts that i do not care about, but paying taxes (a reasonable amount ) from the nice and established account won't be a huge issue.
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03-13-2019
| | Senior Member | | Join Date: Jul 2018
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Activity: 79% Longevity: 33% | | Re: Tax question 200/20k Quote:
Originally Posted by Leader2dark The official limits can be anything, but if PayPal starts asking for info after a low number of sales, we all screwed. | now I recall someone posted on Paypal forum that Paypal has started asking for SS number before the 200/20K limit,the reason is she is getting close to that limit.
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03-13-2019
| Senior Member | | Join Date: Apr 2018
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Activity: 0% Longevity: 35% | | Re: Tax question 200/20k Quote:
Originally Posted by agent006140 now I recall someone posted on Paypal forum that Paypal has started asking for SS number before the 200/20K limit,the reason is she is getting close to that limit. | This has been known for a long time. Around 150 items sold they start asking for sure.
Can be much earlier as well.
Maybe someday they ask after 10 items sold, then we all screwed.
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03-13-2019
| | Senior Member | | Join Date: Jul 2018
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Activity: 79% Longevity: 33% | | Re: Tax question 200/20k Quote:
Originally Posted by Leader2dark This has been known for a long time. Around 150 items sold they start asking for sure.
Can be much earlier as well.
Maybe someday they ask after 10 items sold, then we all screwed. | could it be business account vs personal account?
if you have a personal Paypal account,Paypal assumes you are just selling whatever you have around house but if your activities ramp up,it would ask you to upgrade to a business account
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03-13-2019
| | Junior Member | | Join Date: Jan 2018
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Activity: 0% Longevity: 36% | | Re: Tax question 200/20k
Damn, im nearing the dreaded 200/20k threshold and thinking of getting another account. With the change thats gonna happen at the end of the month, it'll be a bit apparently harder to manage USA stealth accounts due to more verification needs. Should i just get a canadian account? Do i have to worry about the threshold with a canadian account too?
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