Need help from a PRO. PayPal is asking for Scocial for IRS...

Discussion in 'Ebay' started by medium, Jan 28, 2011.

  1. medium

    medium Newbie

    Nov 2, 2010
    Likes Received:
    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!
  2. zolcsi68

    zolcsi68 Regular Member

    Oct 27, 2009
    Likes Received:
    Hardwood floor
    New York
    Home Page:
    You can NOT change country in your paypal, no option for that. You have to open new paypal account.