Forum

Question about $20K SSN Limit
 

So i've sold $21,000 worth of items (not on eBay). However because my account is new they are making me wait until after tracking so the balance is of course "pending" not available.

However they haven't hit me with the notification requesting my SSN or my EIN or anything... Does it only apply to eBay sales? I thought it was paypal in general

Or will it not happen until the payments are transferred from pending to available?

Or is the cut off not EXACTLY 20,000 for everyone all the time?

Please let me know so I can avoid as much frustration as possible >_>

Re: Question about $20K SSN Limit
 

It is an IRS LAW. Not paypal themselves.

How many transactions have you had? Were they Bank transfers or credit card payments?

The IRS LAW is 200 transactions AND 20K in CREDIT CARD processings.

Re: Question about $20K SSN Limit
 

They were credit card payments, i've probably had about 10-20 at most

Thanks for the clarification ! I thought it was one or the other whichever came first

Re: Question about $20K SSN Limit
 

Paypal's rule is one OR the other.

So expect a tax request soon.

Re: Question about $20K SSN Limit
 

Oh.. Can I just give them an EIN? Or do they also request like a copy of your drivers license ect. ?

Any idea why i haven't got a request yet? Does it not apply to pending balance maybe? Is it not always exactly at 20,000 for paypal's rule?

Re: Question about $20K SSN Limit
 

Some people get the request at less than $2000

When did you collect the money? All very quickly?