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  #1  
Old 10-31-2014
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Default 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.
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  #2  
Old 10-31-2014
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Default Re: PayPal $20K limit

You send them an EIN and carry on.
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Old 10-31-2014
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Default Re: PayPal $20K limit

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Originally Posted by nostro View Post
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/

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Default Re: PayPal $20K limit

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Originally Posted by JamesNorth101 View Post
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?
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Old 10-31-2014
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Default Re: PayPal $20K limit

Here are threads to read before making any choices.

http://www.aspkin.com/forums/paypal-...-20-000-a.html

http://www.aspkin.com/forums/paypal-...ax-id-ein.html
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  #6  
Old 10-31-2014
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Default 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.
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Old 10-31-2014
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Default 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.
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Old 10-31-2014
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Default 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.
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Default Re: PayPal $20K limit

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Originally Posted by slokor View Post
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?
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Old 10-31-2014
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Default Re: PayPal $20K limit

Quote:
Originally Posted by nostro View Post
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.

Last edited by yankee; 10-31-2014 at 11:56 AM.
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Default 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.
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  #12  
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Default Re: PayPal $20K limit

Thank you everyone for your help! I'm really appreciative of that!
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