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Old 05-28-2013
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Default limits on money and items

I have been trying to find an answer. Is paypal wanting to see ssn or ein when you list more than 200 items a year???? or is it more of selling over 20k or both? any help is appreciated because i started a couple stealth accounts and really dont want them to go to waste by selling too many items.
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Old 05-28-2013
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There are enough threads stating the situation.

paypal needs to ask for tax ID from sellers to conform with IRS demands.

Below thread outlines the basis of this

http://www.aspkin.com/forums/paypal-...-usa-only.html

What is actively happening now is paypal may ask for ID at ANY point of selling.

Where paypal projects sales may exceed the stated limits it may ask for ID at a low amount of $5000.
Sellers need to operate with the understanding a request will be generated. They need to pick the best manner to deal with this.
Spread sales over many accounts if needed.
Bear in mind you are earning money so you must fulfil your tax obligations.

to recap, you may get a request for ID at any point of your selling during the financial year.

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thanks for that, i was just curious if it triggers mostly when doing both or just the 200 items. if i am selling more than 200 items but not hitting 20k...
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Default I believe it's 200 items or $20K whatever is 1st

Quote:
Originally Posted by jmelwak View Post
thanks for that, i was just curious if it triggers mostly when doing both or just the 200 items. if i am selling more than 200 items but not hitting 20k...
so if you sold more than 200 items a year you would get hit with it.
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Old 05-28-2013
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Technically you owe no matter how many you sell or how much you make. Also paypal can require you to provide tax info at any time. If you are worried about not paying taxes, then you shouldnt be selling online.
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Yes and it's not when u hit its if your on pace to sell that much so just say jan feb and march you sold total of 90 items or 30 a month in the first quarter if they do projections they will see your on pass to sell 360 items in the year and you could get hit after 90 items sold in 3 months for tax I'd so keep that in mind it's about your pace/ projections
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Old 05-29-2013
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thanks for that, i have no problem paying taxes its just whether or not to open corporations for these accounts and if they ask for ssn it doesnt matter anyways. i guess i will just try to spread everything over multiple accounts....
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Old 05-29-2013
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PP can also ask for the ssn or ein if PROJECTED totals will hit 20k+...pp is known for doing that.

A good solution? SPREAD sales.
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Old 05-30-2013
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Quote:
Originally Posted by jmelwak View Post
thanks for that, i have no problem paying taxes its just whether or not to open corporations for these accounts and if they ask for ssn it doesnt matter anyways. i guess i will just try to spread everything over multiple accounts....
You have the idea.

You create your accounts to match paypal's requests.

Even spreading over multiple accounts means taxes are payable. Have accounts that will have the least amount of issues with paypal.

Make sure you seek professional tax advice to cover yourself.

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Old 06-04-2013
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Quote:
Originally Posted by GreenBean™ View Post
Make sure you seek professional tax advice to cover yourself.

Smart idea - especially if you have a registered business and you intend to pay taxes...
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