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-   -   Questions about 200 items & $20,000 (https://www.aspkin.com/forums/paypal-talk/51721-questions-about-200-items-20-000-a.html)

Vetragor 10-12-2012 06:19 PM

Questions about 200 items & $20,000
 
http://www.aspkin.com/forums/ebay-di...tml#post383548


thanks guys, I have another question, how did you get over new paypal policy on stealth accounts

when you reach 200 sales or $20000 in sales, you have to provide Social Security to Paypal for IRS

jamcocktail21 10-12-2012 08:29 PM

Open more accounts

afarmington 10-12-2012 09:29 PM

20,000 or 200? I thought it had to be both?

Vetragor 10-12-2012 11:37 PM

Quote:

Originally Posted by afarmington (Post 383507)
20,000 or 200? I thought it had to be both?

for me it was or , I reached 200 sales and paypal sent me the message 200 sales or $20000 which come first, I gave my father's SS, because this account was registered on his name. It's not really a stealth account. Now I am thinking if I reach 200 sales on a stealth account, what should I do :pout:

yotano211 10-12-2012 11:59 PM

Quote:

Originally Posted by Vetragor (Post 383536)
for me it was or , I reached 200 sales and paypal sent me the message 200 sales or $20000 which come first, I gave my father's SS, because this account was registered on his name. It's not really a stealth account. Now I am thinking if I reach 200 sales on a stealth account, what should I do :pout:

Are you moronic or what, you just fu**ed over your dad with your selling.

Since you happily provided your dad's SSN with your selling on ebay/paypal, he is the one who will pay for your income/taxes. I am sure there is no way out of this since it involves the IRS. I would seek out a tax professional now before tax season expires.

I would tell him now that is will be paying more taxes this year.

Vetragor 10-13-2012 01:04 AM

Quote:

Originally Posted by yotano211 (Post 383537)
Are you moronic or what, you just fu**ed over your dad with your selling.

Since you happily provided your dad's SSN with your selling on ebay/paypal, he is the one who will pay for your income/taxes. I am sure there is no way out of this since it involves the IRS. I would seek out a tax professional now before tax season expires.

I would tell him now that is will be paying more taxes this year.

he knows about that and I still make money from that account, just have selling limits now.

yotano211 10-13-2012 04:40 AM

I hope you have kept all of your paper work or have all your paper work up to date. And set aside money to pay his increased tax bill.

Look into starting a company and get a EIN #.

makaveliagain 10-13-2012 05:14 AM

Quote:

Originally Posted by yotano211 (Post 383537)
Are you moronic or what, you just fu**ed over your dad with your selling.

Since you happily provided your dad's SSN with your selling on ebay/paypal, he is the one who will pay for your income/taxes. I am sure there is no way out of this since it involves the IRS. I would seek out a tax professional now before tax season expires.

I would tell him now that is will be paying more taxes this year.


Yes, if you hit 20k in sales your pops will Get a 1099k in the mail or electronically. If you ignore it he will get a letter from the IRS maybe not this year but next year or the year after. Be sure if you have 1099 not claimed on an income return the individual will get and letter and potentially and audit. I would be extremely!!! careful before using anyone's personal information.

rsot 10-13-2012 08:54 AM

You can get limited well before that by the wya if you are not nicely operating :)

cortex 10-13-2012 07:09 PM

The 20k in sales figure is only for USA right?
Im trying to work out the situation for the UK...ive had a few replies on my thread but wanted to get the opinion of more people.

GreenBean 10-13-2012 07:27 PM

As of 14/10/2012, these figures are USA only.

user3657 10-21-2012 11:20 PM

paypal is only suppose to report if both 200/20k are reached....so he might not have anything to worry about...

AmazonStealth 10-21-2012 11:42 PM

Quote:

Originally Posted by user3657 (Post 386093)
paypal is only suppose to report if both 200/20k are reached....so he might not have anything to worry about...

They can hit you whenever you want.


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