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Old 10-12-2012
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Default 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
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Old 10-12-2012
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Open more accounts
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Old 10-12-2012
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20,000 or 200? I thought it had to be both?
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Originally Posted by afarmington View Post
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
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Originally Posted by Vetragor View Post
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
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.
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Originally Posted by yotano211 View Post
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.
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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 #.
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Quote:
Originally Posted by yotano211 View Post
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.
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Old 10-13-2012
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You can get limited well before that by the wya if you are not nicely operating
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Old 10-13-2012
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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.
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As of 14/10/2012, these figures are USA only.
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Old 10-21-2012
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paypal is only suppose to report if both 200/20k are reached....so he might not have anything to worry about...
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Quote:
Originally Posted by user3657 View Post
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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