To avoid Tax Form 1099-K for Ayden (MP)

[da5543]

For Ayden (MP), does anyone know what is gross payment and transactions volume from sales of goods or services in a single calendar year? I don;t want to get tax form 1099-K from MP. any idea?

[sardonicus]

Originally Posted by da5543

For Ayden (MP), does anyone know what is gross payment and transactions volume from sales of goods or services in a single calendar year? I don;t want to get tax form 1099-K from MP. any idea?

I would imagine it's the same as paypal since it's an IRS requirement. This is what is on the IRS's website:

payment card transactions (e.g., debit, credit or stored-value cards), and/or
in settlement of third-party payment network transactions above the minimum reporting thresholds of –
gross payments that exceed $20,000, AND
more than 200 such transactions

[da5543]

ok great.. this would be good for stealth acct with MP.

[stsang14]

Originally Posted by da5543

ok great.. this would be good for stealth acct with MP.

how would MP get approved w/ stealth info - they require to verify ID w/ SSN or ITIN

[phaz0rz]

It's the same as Paypal.

My MP account had no 1099 generated last year because it had less than 200 sales for the year.

[Thebigbea]

Originally Posted by sardonicus

I would imagine it's the same as paypal since it's an IRS requirement. This is what is on the IRS's website:

payment card transactions (e.g., debit, credit or stored-value cards), and/or
in settlement of third-party payment network transactions above the minimum reporting thresholds of –
gross payments that exceed $20,000, AND
more than 200 such transactions

No wonder they wanted by SSN/SIN. But most of the stuff I sold are personal and profit was minimal