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Re: [tips_and_tricks] Paypal wants my SS so they can send me a 1099

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  • Ron Ayers
    Paypal says the IRS wants a 1099 if you receive have more than 200 paypal transactions or you receive more than $20,000 through paypal. I am close to, if not
    Message 1 of 4 , Jul 6, 2011
      Paypal says the IRS wants a 1099 if you receive have more than 200 paypal transactions or you receive more than $20,000 through paypal.  I am close to, if not already surpassed, both of these criteria.
       
      Thanks
      Ron


      From: BOB GREGORY <rhgusn@...>
      To: tips_and_tricks@yahoogroups.com
      Sent: Thu, June 30, 2011 9:59:53 AM
      Subject: Re: [tips_and_tricks] Paypal wants my SS so they can send me a 1099

       

      Does PayPal intend to send a 1099 with the gross amount of all sales or what?  That would be completely misleading because, although they may have transferred that much money to you, it is not "income" because it ignores cost of goods, shipping costs, time, etc.




      On Thu, Jun 30, 2011 at 11:32 AM, Ron <ronsoldcars@...> wrote:
       

      I have been selling on ebay for several years now. Last year, ebay required that you have a paypal account on order to sell on ebay. Paypal does not have my correct name and I do not want that to change. I have a paypal debit card that I use to get my funds out of paypal. I found out that I can go to the post office and acquire a postal money order with my debit car and get my cash out of the paypal account. I can then cash that money order at the post office and walk out the door with cash. I will meet the supposed IRS criteria that paypal says REQUIRES me to supply a TAX ID number so that paypal can send me a 1099 this year. I have not had a relationship with the IRS for 20 years and I do not want this to start one. Any Suggestions.

      Ron A


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