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AsBakedAsCake

Is there receive limit on verified paypal?

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3 minutes ago, Bot6669999 said:

I know that there used to be, probably not anymore considering all the stores doing millions in sales.

Right I know there used to be.

Also, should I just be upgrading to a business account? Lately I've dealt with quite a few transactions - I'm not sure if it's required to use a business account if I'm only making a few hundred/week.

2 minutes ago, biesje said:

I think i read somewhere that if you earn over a certain amount they will ask you to provide an ID of some sort to be linked to your account (ID card, Drivers license) probably to reduce criminal activity. Not sure if this is true though.

This is true, they required me to do that about a month ago. After uploading what they wanted, account returned to normal standing

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If you don't want to get shafted off the tax man I would 

2 minutes ago, AsBakedAsCake said:

Right I know there used to be.

Also, should I just be upgrading to a business account? Lately I've dealt with quite a few transactions - I'm not sure if it's required to use a business account if I'm only making a few hundred/week.

This is true, they required me to do that about a month ago. After uploading what they wanted, account returned to normal standing

 

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31 minutes ago, Bot6669999 said:

If you don't want to get shafted off the tax man I would 

 

When you say shafted off the tax, what do you mean exactly? I've had a few thousand go through my PayPal and I haven't had an issue yet.

Edit: I also read that a while ago personal and "premier" accounts merged together, aren't premier accounts for people like me who only sell ~$200-$300 week? I figured business accounts were for bigger sellers.

Edited by AsBakedAsCake
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19 minutes ago, Bot6669999 said:

If your making thousands of $ through a business online and haven't declared it with the tax man your going to owe him a lot of money.. I would just hope you don't get caught.

As long as I wont have to pay as much as Ive made, I'm fine with it. I should have thought of this shit already lmao. I'm going to start declaring everything and pay whatever is due. Problem is I haven't declared ANYTHING in 3 years for PayPal. Might be in some deep shit, eh?

I did find this and I don't think I've exceeded either, I make 1 sale/week:

Form 1099-K, Payment Card and Third Party Network Transactions, is an IRS information return used to report certain payment transactions to improve voluntary tax compliance.  You should receive Form 1099-K by January 31st if, in the prior calendar year, you received payments:

  • from payment card transactions (e.g., debit, credit or stored-value cards), and/or
  • in settlement of third-party payment network transactions above the minimum reporting thresholds of –
    • gross payments that exceed $20,000, AND
    • more than 200 such transactions
Edited by AsBakedAsCake
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