Hey guys,
So here is my situation.
I received a request from PayPal for my Tax ID or Social number, so they can start reporting my earnings to the IRS. I do not use eBay, just Paypal for my website.
Here is the thing. I do not live in the US, but my bank account is in the US and I am a US citizen.
I made over $20000 last year but only a few thousand for 2011 so far. I know that the new rule starts in 2011 so I still have a little time to buy before I reach the 20k threshold.
So, I am thinking that I only have 3 options here and want to get some opinions on which one is my best.
1- I change all my information in PayPal to use my Hong Kong bank account and Chinese address so I am no longer affected by this (hopefully?).
2- I open a whole new account using my Hong Kong bank and Chinese address and stop using the old one on my website.
3- I have my girlfriend use her Chinese bank account with Chinese address. I think this is the least desirable since Chinese people can only take out 50k from the bank unless they have a business account
I am currently living in China and even have my temp residents permit, so if I change all my PayPal info I shouldn?t have to submit anything to the IRS right?
If I do have to submit then would having my website change to a Chinese PayPal account trigger a red flag?
Please help me out here guys. Thanks in advance!
So here is my situation.
I received a request from PayPal for my Tax ID or Social number, so they can start reporting my earnings to the IRS. I do not use eBay, just Paypal for my website.
Here is the thing. I do not live in the US, but my bank account is in the US and I am a US citizen.
I made over $20000 last year but only a few thousand for 2011 so far. I know that the new rule starts in 2011 so I still have a little time to buy before I reach the 20k threshold.
So, I am thinking that I only have 3 options here and want to get some opinions on which one is my best.
1- I change all my information in PayPal to use my Hong Kong bank account and Chinese address so I am no longer affected by this (hopefully?).
2- I open a whole new account using my Hong Kong bank and Chinese address and stop using the old one on my website.
3- I have my girlfriend use her Chinese bank account with Chinese address. I think this is the least desirable since Chinese people can only take out 50k from the bank unless they have a business account
I am currently living in China and even have my temp residents permit, so if I change all my PayPal info I shouldn?t have to submit anything to the IRS right?
If I do have to submit then would having my website change to a Chinese PayPal account trigger a red flag?
Please help me out here guys. Thanks in advance!
