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
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