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Old 10-14-2013
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Default paypal tax question

i have a legit/non stealth eb/pp account.
all info is mine. my pp is a business account with an ein submitted (but no ssn).

in 2013, i have well surpassed the 200 item mark but my gross sales are right under $10k.

will pp send me a 1099? and secondly, sales from oct-dec are always the highest and i want to avoid reaching $20k.

i can list my items on my friends account and sell through him, is this a good idea? thanks

Last edited by GreenBean; 10-15-2013 at 04:50 AM.
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Old 10-15-2013
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Default Re: paypal tax question

To receive 1099 u need to meet both 200 and 20,000 . So if u don't get to both these numbers u will not receive a 1099

And selling on someone elses account always bad idea
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Default Re: paypal tax question

Quote:
Originally Posted by Dmshark25 View Post
To receive 1099 u need to meet both 200 and 20,000 . So if u don't get to both these numbers u will not receive a 1099

And selling on someone elses account always bad idea
But there have been reports in the past people getting a 1099 for far less. 200/20k is the law.
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Default Re: paypal tax question

No they and myself got hit with being asked to provide a tax ID at about 150/$4500 I was asked on one, but I made $3900 in one month

So if u are on pace to reach that IRS new protocol than Paypal will for the tax ID they are not going to wait till the last second and let u make all that money and disappear than they would be liable

So they ask for tax ID when you are on pace to reach 200/20,000 and than if u reach both and yes both 200 transactions and $20000 than u will receive a 1099


If u have 500/18,000 no 1099 or 55/55,000 no 1099 but both requirements of 200/20,000 and this is also on the IRS site


Beware of imposter IRS sites, they have very similiar names and will charge to file it for you , this is not the official site an EIN is free and takes 5min online
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Old 10-15-2013
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Default Re: paypal tax question

Quote:
Originally Posted by Dmshark25 View Post
To receive 1099 u need to meet both 200 and 20,000 . So if u don't get to both these numbers u will not receive a 1099

And selling on someone elses account always bad idea


Users have been asked for tax ID at $5000.

paypal asks on projected sales.
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Default Re: paypal tax question

Quote:
Originally Posted by ateep22 View Post
i have a legit/non stealth eb/pp account.
all info is mine. my pp is a business account with an ein submitted (but no ssn).

in 2013, i have well surpassed the 200 item mark but my gross sales are right under $10k.

will pp send me a 1099? and secondly, sales from oct-dec are always the highest and i want to avoid reaching $20k.

i can list my items on my friends account and sell through him, is this a good idea? thanks
Why would you involve your friend with this? Avoid that at all costs.

You are earning money, you need to pay taxes.

Keep in mind that paypal have been reported asking for tax ID for a mere $5000.

You have to be prepared each day you sell.
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Old 10-15-2013
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Default Re: paypal tax question

PP can also send the 1099 on PROJECTED SALES rate...meaning if you sell 5k in one month, they can see that as being potential to hit 20k/200 and limit.

Don't list on friend's account - make new stealths - keep business clean
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Default Re: paypal tax question

ok thanks for the advice but one question, whats wrong with selling on my friends account? all im doing is closing my listings and moving them over to their account and selling with their eb/pp. i dont see whats wrong with that? can you explain. im not selling anything f*ke/illegal. im just avoiding the 1099 on my own account. thanks for the help guys.

dont you first use your own info then if limited/banned you move on to a family member, then maybe grandma, then friends, then if you have no one else, you make a stealth? isnt stealth the 'least cleanest' way? youre using a random info (unlike a friend where its all their legit info). i dunno, unless im missing something, please let me know. thanks.

Last edited by ateep22; 10-15-2013 at 11:59 AM.
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