Passed 20k, and account still works Jan 1?

[HurricaneHuntr]

Anyone else have this happen? 1 account 20.3 another 23... this was done by adding month to month of received payments. Neither have tax id... and they work fine, ebay even had given me a pop up around christmas that they would block my listings and cancel any active on december 28th.... They didn't do either and i can still list and sell fine... Thoughts and experiences?

[HurricaneHuntr]

Would like to additionally ask, anyone who definitely passed the 20k mark, do they have tax documents available? After looking at my 2011 financial summary, it looks like they calculated payments received as a total after refunds sent... which brought me under 20k i think... perhaps? I don't have tax documents available on either account.

[unkown5454]

I wouldn't count on refunds affecting their decision on total revenue reported.

[KingRay]

Is your SSN attached to a bank account on it?

I would almost bet you will still get the 1099 soon. There are some info sharing legalities that most of us have not talked about when it comes to irs reporting.

It will come to light as soon as people start getting their tax forms.

There is limits on what info can be shared between businesses but when it comes to needing the info for tax purposes many of those rules and thrown out or bypassed for reporting info(that purpose only though but not for ID purposes). There is more to it but like many have said this is not a legal advice forum.

Just be prepared and ready to pay up when it comes. Either way if you made that much you owe it anyway. right??

[HurricaneHuntr]

It's not about paying or not paying, it's about not being able to provide a stealth SSN or tax id to make the account work going forward, the mods etc.. everyone freaks out about taxes on here, this isn't about paying or not paying. It's about how to make a stealth account still work without providing tax id information. No neither account has a tax ID associated to it, my understanding was after 2012 january 1st they would limit the account and keep any funds for tax purposes. As for the bank attached having a ssn of course it does, you can't open a usa bank w/o one. That being said, why would they limit an account with funds if they could just send the tax info with the bank attached ssn? You think my bank is going to tell paypal what my ssn # is so they can send a w2 or whatever form? Doubtful, banks aren't like that.

[HurricaneHuntr]

My question still stands, on paypal when you click tax documents... does it have a form there? if so, does your account have a tax id? i ask because i do have my own pp which received well over the threshold of funds, but nowhere near the amount of transactions and i've yet to see any tax forms pop up in my paypal... And yes it does have a ssn on it

[Bingo]

I'm surprised that why don't they ask for your documents when you reached say 13k or 15k like other guys here? And why didn't you stop selling when you were closed to 20k?

[HurricaneHuntr]

i was dumb on those 2 accounts. and i've been asked, in fact the accounts get limited but you can still add and withdraw funds... the only limitation is that it can't be closed, you can even still remove the bank account. I suspect i didn't meet the 20k mark or else the account would be "hard" Limited aka not able to withdraw

[seanws30]

stop bragging

mine was shut down the 29th and i was only at around 15k

[HurricaneHuntr]

Update : Both accounts now cannot receive funds... but i am able to do anything else including removing all the money and banks attached.... I went ahead and did that, i am implementing a strategy i thought about when this was likely. We'll see if my strategy is a uber micro or a noob

[LoopHole]

Originally Posted by seanws30

stop bragging

mine was shut down the 29th and i was only at around 15k

When you don't provide the TAX ID and its shut down. Do they place your money on hold for 180 days too?

[timhsr]

Originally Posted by Moscutter

It's not about paying or not paying, it's about not being able to provide a stealth SSN or tax id to make the account work going forward, the mods etc.. everyone freaks out about taxes on here, this isn't about paying or not paying. It's about how to make a stealth account still work without providing tax id information. No neither account has a tax ID associated to it, my understanding was after 2012 january 1st they would limit the account and keep any funds for tax purposes.

Can anybody answer this question?

[KingRay]

Originally Posted by timhsr

Can anybody answer this question?

Your post was a comment. what it not?

Or are you wanting to know about the post at the top still?

[Sneakee]

I think he's asking about if you don't have a tax id on paypal if they close it once you get to a certain amount.

I never knew this was a problem and this is the first I've heard of it.

[degsey69]

On a new business account with paypal a month old with 100 sales and about $1000 they asked me for tax details, which I satisfied with the companies EIN number.

Is this something that a business paypal account gets before a personal one?

[download3000]

i got hit askin for tax information but i just ignore it lmao its prob around 30k now and i just keep goin to it hits the wall.

[KingRay]

Just remember, If they dont have the info all they have to do is get it from other avenues to please the gov. requirement. also you wont know if the gov has it so you miss claiming and they have it then you are screwed. It can come up well after that year is up even.

Just saying, be carefull and dont get stuck owing tons of money in one shot later.

[JJGold]

Originally Posted by download3000

i got hit askin for tax information but i just ignore it lmao its prob around 30k now and i just keep goin to it hits the wall.

I have a stealth that went to $27,000 before I received a PayPal message that my account was limited. They never said what is was limited to but I've been able to withdraw all of the money. Maybe it's limited to receiving funds, I don't know. I'm going list a little trinket just to see.

[JJGold]

Originally Posted by JJGold

I have a stealth that went to $27,000 before I received a PayPal message that my account was limited. They never said what is was limited to but I've been able to withdraw all of the money. Maybe it's limited to receiving funds, I don't know. I'm going list a little trinket just to see.

Just found out the limitation on that account is it can't be closed, but still accepts funds? WTF?

[cruiserdaddy]

Originally Posted by JJGold

Just found out the limitation on that account is it can't be closed, but still accepts funds? WTF?

Dont laugh too hard. About 2 weeks after you get that one they will then freeze your account from accepting funds. In mine the money that was also pending because of 21 day holds no longer moved into available. Enjoy your lol... for now.

[JJGold]

Originally Posted by cruiserdaddy

Dont laugh too hard. About 2 weeks after you get that one they will then freeze your account from accepting funds. In mine the money that was also pending because of 21 day holds no longer moved into available. Enjoy your lol... for now.

I stopped selling in the account after I received the limitation and have since drained the account to $0.

[jamblix]

I've been too careful not to reach 20k on any of my accounts. Which is rare considering I have a risk taking and reckless personality.

Looks like you got hit with the bad news in the end. This is one reason to make more accounts guys, sooner or later it's gonna help I know it.