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Urgent. Paypal got my life on the line.
 

Hello, I have a stealth PayPal account. In August 2018, I received an email saying "Action required
Confirm your taxpayer status

Because you receive payment for goods or services through PayPal, we need to verify your taxpayer status. This is required by the U.S. Internal Revenue Service (IRS).

If your taxpayer status is not confirmed, your PayPal account will be limited, and you won’t be able to request or receive money.

If you’re subject to U.S. tax reporting requirements, we’ll also need to collect your tax identification number. The identification number you provide will be used to submit Form 1099-K to the IRS when the payments you receive in a calendar year meet the income reporting thresholds set by the IRS. You can learn more about the IRS reporting requirements at www.paypal.com/irs.

If you have multiple PayPal accounts, you’ll need to verify your taxpayer status for each account.

Thanks for being a valued customer."

And a red notification on the top right of my Paypal saying:

"Because you receive payment for goods or services through PayPal, you must verify your U.S. taxpayer status to avoid limitations to your account."

I stopped using that account in 2018 and Ive decided to use my stealth account again today on Nov 30, 2019. I logged in and still see the red notification on the top right of my screen. My question is am I good to go with receiving payments starting from today? Or will I risk myself from getting my Paypal limited? If my PayPal does get limited because I do not add in my SSN, will I still be able to withdraw money? Please help because I do not know what to do. I have old junk I would like to get rid of before the new years but I would not want to pay taxes on it as it was a gift to me. Please tell me what I should do. Thank you

Re: Urgent. Paypal got my life on the line.
 

do you die if noone helps you? :(

Re: Urgent. Paypal got my life on the line.
 

if you have not given Paypal what it asks for,you should withdraw whatever you have in your account and kiss that account goodbye.
You cant use it to receive payments for goods and services,

Re: Urgent. Paypal got my life on the line.
 

False fearmongering.

You can take in up to 200 payments per year, OP. Your account is stuck in the "almost tax limited" status which means you took in 150ish payments and they started asking for your tax info. They'll most likely never stop asking for your tax info but unless you become fully tax limited by taking in more than 200 payments in a year, your transaction count will reset each year and you'll be able to receive up to 200 payments annually until laws change.

Re: Urgent. Paypal got my life on the line.
 

will you compensate him if Paypal limits his account?

Re: Urgent. Paypal got my life on the line.
 

If you life in on the line,I WOULD Not take any advice on this forum seriously,including mine,if you value your life so much

Re: Urgent. Paypal got my life on the line.
 

I'm explaining to the poster how Paypal's system works rather than pulling false information out of thin air like you. I'm not involved at all with the OP's finances. There would be nothing to compensate him for anyway. In the worst case if the OP does end up tax limited, that just means they can't accept any more payments. Tax limitations do not impede your ability to withdraw funds from your account.

I guess your posting activity is good for SEO but with your total lack of experience using stealth accounts I cannot for the life of me understand why you keep insisting that you know what you're talking about.

Re: Urgent. Paypal got my life on the line.
 

LOL, I want to party with you phaz0rz, gots some HA stuff I need to get rid of.

Re: Urgent. Paypal got my life on the line.
 

lmao .

Re: Urgent. Paypal got my life on the line.
 

Admittedly, It’s a good strategy for getting people to read and reply to your question.

Re: Urgent. Paypal got my life on the line.
 

I purchased a real non-US PP acct to avoid US stealth PP issues including tax.

Re: Urgent. Paypal got my life on the line.
 

Good strategy.

What are taxes like in China?

Re: Urgent. Paypal got my life on the line.
 

So from your experience, the worst that happens is that your account is limited but you're allowed to withdraw your funds?

Also with the 200/20K thresholds. Do they both have to be met for the account to be limited if no action is taken on their request? I see you stated that as long as you keep transactions under 200 per year, your account should reset at the beginning of the following year. So if I receive over $20K in transactions but less than 200 total transactions, may I expect my limits to be reset the following year?

Thank you in advance for any insight you may provide in this matter.

Re: Urgent. Paypal got my life on the line.
 

just because you get them as gifts,does not mean you dont have to pay taxes when sold.