So I Get This Email from Paypal Today

Knopfler

Does this mean I'm going to have to keep track of how much I paid for every single one of the thousands of cards I've sold this year? I'm sure this actually help me on my taxes, but I seriously doubt it's going to be worth the effort/time that it takes.

----------------------------------------------------------------------
Please provide your tax ID number
----------------------------------------------------------------------


Dear *************,

We're asking for your tax ID number due to new IRS rules. Your tax ID
number is one of these:
- Your Social Security number
- Your Individual Tax Identification Number
- Your Employer Identification Number

We'll use your tax ID number to send tax Form 1099-K to you and the IRS
when the payments you receive exceed both of these milestones in a calendar
year:
- $20,000 in gross payment volume for goods and services
- 200 payments

We want to help you continue to sell with PayPal and to avoid any
interruption to your account. It's easy — here's how:
1. Log in to your PayPal account.
2. A message will appear asking you to update your information.
3. Click Provide Now.

If you have multiple PayPal accounts, repeat these steps for each account.

We appreciate your help in complying with these IRS rules. For more
information, please see our FAQs on the IRS reporting requirements:
www.paypal.com/irs

Sincerely,
PayPal

Sean1125

I'm pretty sure they just report it to the IRS, but that does mean you will have to keep track...


Good luck

kwtoz

Make sure that this is *reallly* a Paypal email, and not someone trying to get your SSN!

EchoCanyon

Be sure it's not a (phishing) scam -- check the return email.
Also, call paypal to be sure, before logging into anything.

Planemonkey

I thought is was either 20,000 or 200 transactions not both.

Knopfler

It's definitely real. I logged into my paypal account directly from browser, not from email and when I log in I see the message at the top of the summary page to enter my tax id number.

Knopfler

<< <i>I thought is was either 20,000 or 200 transactions not both. >>



It is both, but I'll be meeting both anyway unless I stopped selling right now for the rest of the year. I only hope I'll be able to just say...I spent this much this year on cards and I sold this much worth of cards this year. If I have to break it down by cost for each transaction, it might take more than a year to fill out the documentation.