Paypal Wants Tax ID And I'm Nowhere Close To The Limits - Page 2

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Author	Replies: 25 / Views: 6,078	Page: of 2

southsav Pillar of the Community 2224 Posts	Posted 10/04/2011 9:54 pm Would that be annual requirements or total sales history? Report this Post to the Staff
BadThad Bedrock of the Community United States 19951 Posts	Posted 10/05/2011 10:05 am Quote: They are trying to stay ahead by gathering the information now. It is possible that a lot of people will cross those thresholds in the final weeks of the year (after holiday sales). Having most of this required information available makes it easier to meet tax deadlines. Actually, I am surprised they do not require this information from everyone regardless of activity levels. That being said, I think it is no big deal that they want it from you now. Yea, you nailed it bro. I'm WAY past 200 transactions which is why they wanted mine. I don't understand why anyone would resist giving it to them. Paypal has a DIRECT line to your bank account, them having my SS# is no big deal. All banks and most creditors have it anyway. Just be sure you log directly into their website and don't use email links......I don't trust ANY links and always go directly to websites requesting personal info. There's just way to many cleaver phishing scams in the world. Lincoln Cent Lover! VERDI-CARE™ INVENTOR https://verdi.care/ Report this Post to the Staff
glenzy1 Pillar of the Community Canada 1554 Posts	Posted 10/05/2011 12:10 pm We'll all need to pay more taxes to fund the Never Ending war! Glenn Report this Post to the Staff
jbuck Moderator United States 188560 Posts	Posted 10/05/2011 12:14 pm Quote: I would definitely log in and give the information instead of responding to an email...just a good habit. Quote: Just be sure you log directly into their website and don't use email links......I don't trust ANY links and always go directly to websites requesting personal info Most definitely. Coin Collector Since 1978 Avatar Old Avatar 7070 Eisenhower Australia Canada World CCF Members on eBay CCF eBay Search Engine Report this Post to the Staff
mmerc20 Valued Member United States 372 Posts	Posted 10/08/2011 10:32 pm I have a problem with the SSN thing. I did some selling for a widow of a collector which totalled over the past year totalled over $20K and 200 transactions between my items and hers. I don't want to get slammed by the IRS for that and I really don't know what to do. Mike Report this Post to the Staff
BadThad Bedrock of the Community United States 19951 Posts	Posted 10/09/2011 12:19 am Mike - You have no choice. They will report your income to the IRS at tax time and you will have to pay taxes. You'll receive a form 1099 from PayPal around tax time. I think failing to complete the SSN request could have some pretty nasty consequeces. Lincoln Cent Lover! VERDI-CARE™ INVENTOR https://verdi.care/ Report this Post to the Staff
bobby131313 Forum Dad United States 24161 Posts	Posted 10/09/2011 05:51 am So you have to pay income tax on gross sales now? Shop CCF Members on eBay. Report this Post to the Staff
chris beatie Valued Member 344 Posts	Posted 10/09/2011 06:18 am Wow this is really really scary. Yet another reason paypal is getting worse and worse as time goes on. Nowdays you must pay 12% of your sales to ebay and they now want to report you to the IRS too? The best key would seem that we must simply stay away from small items. Not only does it lessen the ebay tax greatly sense ebay caps at $100 but if we stay at 199 transactions or less they will not report us. I mean I already have to worry about the Gov stealing my assets, or gold, or silver, but not the measly few bucks I make on ebay they will try to make it seem like I am netting tens of thousands because of big sales when in reality I made like 100 or 200 off that big 4k item? Man *Staff Edit: NOT COOL* the GOV and the IRS. I am moving to south pole! Report this Post to the Staff
BadThad Bedrock of the Community United States 19951 Posts	Posted 10/09/2011 11:53 pm Yea, it's great isn't it. Write thank you letters to Obama, Peloci and Reid. Lincoln Cent Lover! VERDI-CARE™ INVENTOR https://verdi.care/ Report this Post to the Staff
Conder101 Bedrock of the Community United States 17884 Posts	Posted 10/10/2011 2:35 pm Quote: So you have to pay income tax on gross sales now? No, but it gives the IRS the Gross figure that you then have to apply your costs and deductions to to justify your net figure that you do pay taxes on. Keeps people from under reporting the gross so as to end up with a smaller net figure. Report this Post to the Staff
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