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-   -   PayPal $20K limit (https://www.aspkin.com/forums/paypal-talk/79030-paypal-20k-limit.html)

nostro 10-31-2014 07:25 AM

PayPal $20K limit
 
I could not find this anywhere in the forum but what do you do with your stealth account when it reaches the $20K limit and PayPal sends you the email requesting your SSN or EIN?

Is the account literally abandoned once you transfer the money and pay the eBay fees?

Do you just move on and create a new account? Thanks.

JamesNorth101 10-31-2014 07:26 AM

Re: PayPal $20K limit
 
You send them an EIN and carry on.

GreenBean 10-31-2014 07:33 AM

Re: PayPal $20K limit
 
Quote:

Originally Posted by nostro (Post 603732)
I could not find this anywhere in the forum but what do you do with your stealth account when it reaches the $20K limit and PayPal sends you the email requesting your SSN or EIN?

Is the account literally abandoned once you transfer the money and pay the eBay fees?

Do you just move on and create a new account? Thanks.

No, you comply with the request.

You never supply your SSN. Go the way of the EIN.

Not sure why you say there's nothing on the forum. Many threads exist.

Stay tuned/

:juggle:

nostro 10-31-2014 07:34 AM

Re: PayPal $20K limit
 
Quote:

Originally Posted by JamesNorth101 (Post 603733)
You send them an EIN and carry on.

Isn't there paperwork involved with getting an EIN? Doesn't that mean I would have to give the stealth account information to get the EIN?

Isn't that risky?

GreenBean 10-31-2014 07:36 AM

Re: PayPal $20K limit
 

JamesNorth101 10-31-2014 07:41 AM

Re: PayPal $20K limit
 
You get an EIN using your real details. Never even think of doing anything else, that really would not be a good idea.

Read carefully the threads GB has linked you to.

GreenBean 10-31-2014 07:46 AM

Re: PayPal $20K limit
 
The other piece of valuable info is as follows:


Check this site

Internal Revenue Service


Discuss the correct procedures with a tax professional.
:ranger:

slokor 10-31-2014 10:56 AM

Re: PayPal $20K limit
 
Or just spread your sales across multiple accounts so you never reach those limits and never have to deal with it.
That's how I do it. I find it easier.

nostro 10-31-2014 11:32 AM

Re: PayPal $20K limit
 
Quote:

Originally Posted by slokor (Post 603758)
Or just spread your sales across multiple accounts so you never reach those limits and never have to deal with it.
That's how I do it. I find it easier.

So you're saying to stop selling before you reach those limits?
If you get the email, is it too late?

You have to respond or they will shut the account down?

yankee 10-31-2014 11:49 AM

Re: PayPal $20K limit
 
Quote:

Originally Posted by nostro (Post 603766)
So you're saying to stop selling before you reach those limits?
If you get the email, is it too late?


You have to respond or they will shut the account down?

Lots of mixed info on this. From what I understand if you sell past the 20k/200 items and do not respond the account can not ever receive funds until you do.
If it is below the 200/20k then it gets reset sometime after the first of the year.
This is NOT my experience but it is what I have recently been told by members I trust and respect.
I will let you know in two weeks. I am going to sell 15K or more in a single day on multiple accounts and see how it goes. Non of the accounts will come close to 200 items.

Spreading sales is wonderful for a variety of reasons with the biggest being reducing risk of loosing you income on one account.

I personally like to mix it up and this is new to me. I have several small accounts that are selling $1500-2000 a month, many that are selling $3000-5000 a month that will be set on the back burner as soon as the request is getting close(couple months) and I have a series of EIN accounts that sell a lot and in the process of creating more mega accounts.

Also big accounts(seems as soon as you start selling 30k a month or a few thousand items a month) that you are held to a much higher standard.

I am most likely the biggest advocate of creating companies(EIN via LLC and Corp) and selling as much as you can as fast as you can, but currently I am all about risk management and spreading sales.

pr0wake 10-31-2014 11:54 AM

Re: PayPal $20K limit
 
once you get the request to input SS or EIN, you stop selling and nothing happens. The account never gets limited

if you continue selling to the 200/20k mark, you will have to add that info to lift the limitation that gets placed when you hit the limits.

nostro 10-31-2014 12:10 PM

Re: PayPal $20K limit
 
Thank you everyone for your help! I'm really appreciative of that!


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