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  #1  
Old 09-11-2019
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Default PayPal asking for SSN

Hi all members,
I started to sell on eBay couple months ago and receive payment on my personal PayPal account, the sell is getting better this month but not even $1000 gross income yet, I read some article saying you donít have to pay tax if your sell income under 20k a year
Please give me some advice When PayPal is asking for SSN to report for IRS
What should I do ?
Thank you
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  #2  
Old 09-11-2019
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Default Re: PayPal asking for SSN

you have to report your income when you file your income tax each year,whether you have to pay tax varies ,depends on your other income,your expenses related to the business etc.
Paypal will send 1099k IF you have 200 transactions AND $20,000 a year,one copy come to you and one copy goes to IRS,your SSN is needed .
you also have to collect and remit sales tax to your state dept,if you state expects you to do so.
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Old 09-12-2019
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Default Re: PayPal asking for SSN

Quote:
Originally Posted by agent006140 View Post
you have to report your income when you file your income tax each year,whether you have to pay tax varies ,depends on your other income,your expenses related to the business etc.
Paypal will send 1099k IF you have 200 transactions AND $20,000 a year,one copy come to you and one copy goes to IRS,your SSN is needed .
you also have to collect and remit sales tax to your state dept,if you state expects you to do so.
Isn't eBay managed payments now taking the sales tax and paying the tax to states it is now collecting on?
I do believe I seen a topic on eBay forum for managed payment sellers that was discussing eBay handling the state tax part.
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Old 09-12-2019
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Default Re: PayPal asking for SSN

It depends on what state the buyer is in.
If he is from your state,and you will get the sales tax and remit to the state.
For out of state buyers,Ebay will do it
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Old 09-13-2019
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Default Re: PayPal asking for SSN

Well that 20K and 200 is not accurate, I have had them ask for SSN when I had $62 in sales, selling misc. households goods to seed the acct. Also had them ask at $700 selling non vero items..
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Old 09-13-2019
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Default Re: PayPal asking for SSN

The 1099K is based on 200 transactions and $20k,but Paypal can ask for SSN or any ID anytime.
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