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PayPal asking for Tax ID Information.

Discussion in 'Business & Tax Advice' started by Joel Creamson, Sep 23, 2016.

  1. Joel Creamson

    Joel Creamson Newbie

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    PayPal just recently started asking for my SSN/ Tax ID. I have sold quite a bit in the past years, but I don't think it has came close to the $20,000 threshold. Should I put my info in there or just wait to see if my account becomes limited? I recently got an EIN number from the IRS, I can use this instead of my social. But I am wondering if I put my information in there will PayPal use that to report all my past earning with them? Or would they only report for the last year if its meets the requirements? (20,000 total revenue and 200 seperate transactions)....either way, I dont want them to report any of my earnings because Im not prepared to pay taxes for it.

    Should I just close my account and open a new one with my EIN number and new bank account etc?

    should I be more concerned about them limiting my account or potentially reporting my earnings ?

    Anyone else have to deal with this and what would you do? Thanks
     
  2. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    What's the problem to put in your TAX ID or EIN number if it's a legit business you are running?
     
  3. blogzandstuff

    blogzandstuff Elite Member

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    Yes just do it, not worth the hassle not to