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Author Topic: What happened to the 200 yearly Paypal transactions thing?  (Read 8285 times)

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« on: April 16, 2011, 13:56 »
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I might not have gotten all the info that may have been discussed here on the forum so maybe somebody can point me into the right direction.

I don't recall whatever happened to the mentioned Paypal 200 yearly transactions limit or exceeding $20,000 of yearly incoming transactions. This whole issue came up at a time when the 1099 thing was going bonkers and supposedly has been settled now and won't happen.

But does this "not happen" apply to the 200 Paypal transactions as well, respectively the $20,000+ worth of transactions?

As a US resident do I have to watch out for those limits now?

Your help is appreciated.


« Reply #1 on: April 16, 2011, 14:03 »
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Paypal has been calling me trying to get me to give them my info, and I keep telling them to heck off, since I had less than 200 transactions, and my payments aren't for goods or services.

« Reply #2 on: April 16, 2011, 14:30 »
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I'm asking since I'm already being taxed from some agencies (exceeding the $20,000) but I'm also selling on ebay and therefore I would definitely exceed the 200 transactions.

Is the IRS still planning on getting this info from Paypal or what's the current status of that?

Sean, I'm not sure if Paypal has been bugging other successful Microstockers as well, it's the first time I hear this. What did they want to know from you?

« Reply #3 on: April 16, 2011, 16:37 »
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They want my Soc. Sec. # or my business EIN, so they can file with the IRS.  ( I don't think it has anything to do with 'microstock', but the amounts transacted)...

« Reply #4 on: April 16, 2011, 17:25 »
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They want my Soc. Sec. # or my business EIN, so they can file with the IRS.  ( I don't think it has anything to do with 'microstock', but the amounts transacted)...
Thanks Sean for your response. It's appreciated.

I'm not sure if I should contact my old accountant or Paypal directly to find out about it...???

lisafx

« Reply #5 on: April 16, 2011, 20:22 »
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I got the calls too.  I told them I wouldn't exceed 200 transactions, but they wanted the info anyway.  I gave them my social.  Didn't occur to me I had the option not to.  They said I will only get 1099 if I exceed the 200 transactions, so I should be okay.  Moved a lot of my business to moneybookers. 

« Reply #6 on: April 17, 2011, 01:10 »
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I'm asking since I'm already being taxed from some agencies (exceeding the $20,000) but I'm also selling on ebay and therefore I would definitely exceed the 200 transactions.


Why not open a second account at Paypal for your eBay business ??  ;)

I've had 2 for yrs !  One business, one personal :)

« Reply #7 on: April 17, 2011, 03:27 »
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Paypal has been calling me trying to get me to give them my info, and I keep telling them to heck off, since I had less than 200 transactions, and my payments aren't for goods or services.

I received a text message from paypal, which said considering the lack of activity in my account would I consider switching over to Moneybookers.  >:(

« Reply #8 on: April 17, 2011, 05:55 »
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Not that I qualify for these limits but for me it's quite ridiculous that money / banking website has this kind of limits. Seems like a good reason to move to competition. Lately I hear all the bad things about paypal. :/ 

« Reply #9 on: April 17, 2011, 08:38 »
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Most importantly I would like to know if this "law" or requirement is actually in effect.

Does anyone know where I can find that info?

« Reply #10 on: April 17, 2011, 11:38 »
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I thought they were supposed to repeal this? It seems silly to get overlapping 1099.

« Reply #11 on: April 17, 2011, 12:09 »
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I thought they were supposed to repeal this? It seems silly to get overlapping 1099.

I was under the same impression. I don't know though if Paypal themselves are requesting anything from us at the end of the year.

« Reply #12 on: April 17, 2011, 12:42 »
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I thought they were supposed to repeal this? It seems silly to get overlapping 1099.

You're confusing the 1099 thing that they did repeal, with this.

« Reply #13 on: April 17, 2011, 12:51 »
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I thought they were supposed to repeal this? It seems silly to get overlapping 1099.

You're confusing the 1099 thing that they did repeal, with this.

Right so, still the question remains if we should stay under the 200 transaction/$20,000 a year limit or not?

« Reply #14 on: April 17, 2011, 16:19 »
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The Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 was repealed on 4/14/2011.

http://www.govtrack.us/congress/bill.xpd?bill=h112-4


Buy yeah, I don't think this affects the 200 transactions and 20K limit for Paypal.
« Last Edit: April 17, 2011, 16:27 by Whiz »

« Reply #15 on: April 17, 2011, 16:41 »
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I thought they were supposed to repeal this? It seems silly to get overlapping 1099.

You're confusing the 1099 thing that they did repeal, with this.

Right so, still the question remains if we should stay under the 200 transaction/$20,000 a year limit or not?

Finding out information on this is just as bad as trying to get answers from istock.  ::) I found one place on the paypal site that compared personal, premier and merchant accounts, but the language was simple and vague. No specifics such as how many transactions per year, etc. I'm not much help.

« Reply #16 on: April 17, 2011, 16:52 »
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« Reply #17 on: April 17, 2011, 17:07 »
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« Reply #19 on: April 18, 2011, 18:12 »
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Dang it, they called AND emailed twice today.  Leave me aaaalllooooone...

« Reply #20 on: April 18, 2011, 18:34 »
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I thought they were supposed to repeal this? It seems silly to get overlapping 1099.

You're confusing the 1099 thing that they did repeal, with this.

We're still talking about the 1099-K though. I'm still not sure what to do with overlapping 1099's.


 

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