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Old 07-15-2014
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Default Staying under the 500 paypal withdrawal limit..

If i keep a stealth account under the 500 limit each month wouldnt that avoid getting the IRS notice? Especially since they can forecast that your account would not get to the $20,000 ?
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Old 07-15-2014
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Default Re: Staying under the 500 paypal withdrawal limit..

also wanted to add.... i mean 500 would be the amount or less "coming in to the account"
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Old 07-15-2014
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Default Re: Staying under the 500 paypal withdrawal limit..

Its your choice, but that will definitely affect the rank of your listing in eBay because your PayPal is not verified.
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Old 07-15-2014
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Default Re: Staying under the 500 paypal withdrawal limit..

That's going to be rather hard. Did you lift all the limits yet or are you letting it stay?

If I were you no matter what you decide, I'd still lift my limits if you haven't already
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Default Re: Staying under the 500 paypal withdrawal limit..

the account is verified with a bank attached. But no CC attached..
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Default Re: Staying under the 500 paypal withdrawal limit..

trying to see if this would keep me under the radar for the IRS message from popping up?
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Default Re: Staying under the 500 paypal withdrawal limit..

Quote:
Originally Posted by Ted123 View Post
Especially since they can forecast that your account would not get to the $20,000 ?
It only means that you can't withdraw more than 6.000 a year but your PP still could be hit with more than 20.000
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Default Re: Staying under the 500 paypal withdrawal limit..

so even if the account was only taking in 500 or less ?
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Old 07-16-2014
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Default Re: Staying under the 500 paypal withdrawal limit..

Not necessarily. It is still based on the 20k/200 transactions. There is still much debate about this. Weather it is now either or both requirement. My experience is now as of 2013 if you get close to either threshold you get the request of US accounts. It was not the case in the 2 previous years.
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Old 07-16-2014
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Default Re: Staying under the 500 paypal withdrawal limit..

Quote:
Originally Posted by vogeltron View Post
Not necessarily. It is still based on the 20k/200 transactions. There is still much debate about this. Weather it is now either or both requirement. My experience is now as of 2013 if you get close to either threshold you get the request of US accounts. It was not the case in the 2 previous years.
To get the tax form at the end of the year, what is it, I think a 1099 you need to go over both 200 and 20K, and paypal will document your earnings to the IRS when both are met

But they ask for a tax ID far before either are met, in my experience it's always around $5000 and my items for those sales are around 145
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Default Re: Staying under the 500 paypal withdrawal limit..

Withdraw limit (adding your VCC) does not affect SSN/EIN requirement. Staying below the threshold does and that's a projected threshold. My suggestion is to rotate between accounts and staying below 15k/145 throughout the year, spread your sales out otherwise get an EIN.
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Default Re: Staying under the 500 paypal withdrawal limit..

The best way to avoid the SSN / EIN requirement is to avoid US Paypal completely.

It's perfectly possible to use UK / EU paypal linked to a US Ebay account.

The bonus part is a US bank account can be attached to any UK / EU account for withdrawal.
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Default Re: Staying under the 500 paypal withdrawal limit..

I see what you are trying to experiment with, but I think what you withdraw and when PP request SSN/EIN are totally separate. You should def get a CC attached just so you don't have money building up and lingering in your PP acct. Who says they won't limit your PP acct for not having a CC attached eventually.

I never get asked a SSN/EIN for almost hitting 20k. I get that message for getting around 150 transactions. Some ppl get it sooner. Some ppl have reported getting it after making around $4k. So, to me, it sounds pretty random on how they decide when to ask for the SSN/EIN, but I do not think NOT having a CC attached will make a difference.
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Default Re: Staying under the 500 paypal withdrawal limit..

Quote:
Originally Posted by Ebayorbust View Post
The best way to avoid the SSN / EIN requirement is to avoid US Paypal completely.

It's perfectly possible to use UK / EU paypal linked to a US Ebay account.

The bonus part is a US bank account can be attached to any UK / EU account for withdrawal.
are f'ing kidding me?
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Old 07-16-2014
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Default Re: Staying under the 500 paypal withdrawal limit..

Quote:
Originally Posted by Ted123 View Post
so even if the account was only taking in 500 or less ?
Paypal also looks at PROJECTED rate...so if you receive the money quickly/volume is high, you can be limited.

@Ebayorbust, I see the point but might be a bit advanced for OP. I have setup my UK PPs with UK IP as well...dont think this is doable with US IP but I admit that I have not tested it...e.g. US IP to create UK/Euro PPs...
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Default Re: Staying under the 500 paypal withdrawal limit..

Quote:
Originally Posted by vogeltron View Post
Not necessarily. It is still based on the 20k/200 transactions. There is still much debate about this. Weather it is now either or both requirement. My experience is now as of 2013 if you get close to either threshold you get the request of US accounts. It was not the case in the 2 previous years.
Yea!!!

Someone finally understands this.

I have been posting this since forever.
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Default Re: Staying under the 500 paypal withdrawal limit..

Quote:
Originally Posted by Ted123 View Post
If i keep a stealth account under the 500 limit each month wouldnt that avoid getting the IRS notice? Especially since they can forecast that your account would not get to the $20,000 ?
Not worth it, use multiple accounts and dont limit yourself or be controlled by them.

Nothing avoids it anymore. You can do this for a few months and if they see that you could possibly hit this any time during the year you will.
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Default Re: Staying under the 500 paypal withdrawal limit..

Quote:
Originally Posted by vogeltron View Post
Not necessarily. It is still based on the 20k/200 transactions. There is still much debate about this. Weather it is now either or both requirement. My experience is now as of 2013 if you get close to either threshold you get the request of US accounts. It was not the case in the 2 previous years.
I think PayPal gets prepared by requesting papers when you are close to either. At the end of the year, they will only report if both are met.
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Old 07-17-2014
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Default Re: Staying under the 500 paypal withdrawal limit..

Quote:
Originally Posted by GoteBay View Post
I think PayPal gets prepared by requesting papers when you are close to either. At the end of the year, they will only report if both are met.
That has been my understanding on exactly how it works.

When you get close to EITHER of those landmarks 200 transactions or 20k in sales, PP will request SSN/EIN. Now they may also request it by looking at projections. Like if you are killing it in January and hit 5k-10k, then PP will feel pretty confident that you will hit that 20k mark by the end of the year. Now all this is just to get your SSN/EIN. This is not to report you to the IRS, just being prepared before you hit that threshold.

You do not get reported to the IRS until you have 200 transactions AND 20k in sales. Notice I used the word AND instead of the word OR. It has to meet both criteria to be reported. And I am sure that most ppl who hit the 20k has prob killed the 200 transaction.
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Old 07-17-2014
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Default Re: Staying under the 500 paypal withdrawal limit..

Quote:
Originally Posted by Ebayorbust View Post
The best way to avoid the SSN / EIN requirement is to avoid US Paypal completely.

It's perfectly possible to use UK / EU paypal linked to a US Ebay account.

The bonus part is a US bank account can be attached to any UK / EU account for withdrawal.

Since When?!?!
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Old 07-18-2014
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Default Re: Staying under the 500 paypal withdrawal limit..

Quote:
Originally Posted by MikeStarTX View Post
Since When?!?!
Since always.

@rsot, it is neither advanced or difficult. The only small hurdle is to verify and remove the limits on the UK / EU paypal. This is easily done.

Sell on US ebay, withdraw to a US bank account with no SSN / EIN request.
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Old 07-18-2014
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Default Re: Staying under the 500 paypal withdrawal limit..

I understand you have to verify the account first with a UK bank. I don't believe there are any uk VBA offered

so after hurdling over that obstacle, I'm also thinking the UK account would be a SECONDARY pp? meaning the ebay account thats shooting its money shots over will actually have a native US pp that its linked to (for address verification)

is that about right?
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