PWCC (but really PayPal) payment/withdrawal question

1957Braves

Good morning all; hoping someone may be able to answer this for me. I’m sure it’s been asked before, but wanted check with the current PayPal settings/rules.

I parted with a sizable chunk of the collection in the February PWCC auction. Without naming the cards, thanks to anyone who may have purchased as the money will be put to good use.

The question is that the cards did well and I’m expecting a payout in the very low five figures ( which is huge, for me at least). This is the first time I would be withdrawing over $1000 or so.

Does PayPal have any withdrawal limits, on either a transaction or daily basis? My account is verified and the account details screen mentions the withdrawal limit is lifted.

Also, does PayPal flag or otherwise hold up payments over certain dollar amount?

Appreciate the help in advance.

Batpig

I haven't seen a limit, but be careful with any transactions over (or around) 10,000. There's federal laws about reporting transactions of that size.

yoda99

@Batpig said:
I haven't seen a limit, but be careful with any transactions over (or around) 10,000. There's federal laws about reporting transactions of that size.

I think the $10,000 reporting is when cash is involved and it's $10,000 or more. (It's a called a CTR or currency transaction report.) This is a transfer, not cash.

initialD

Ask them to cut you two checks, not a problem

1957Braves

Thanks for the quick answers everyone. From the research I’ve done, the $10,000 amount that be flagged would be a cash deposit (assuming I’m reading it correctly). As this would be a transfer, I don’t think it will hit that flag.

As this is very low five figures, would two transactions of $XXXX and $XXXX be reasonable to avoid any hang ups? Not trying to skirt around anything, just the proceeds as being used to finally retire some nagging monthly payments (Blank you, student loans!) and would like everything to go as smoothly as possible.

tonylags

There might be withdrawal limits on your paypal account; that you should check.

not to hijack, but similar question. I know PWCC pays out via paypal; I receive 1099's from paypal already, as my yearly sales are over the limit; does this money received from PWCC count as sales too? Would it be included in my 2018~ Paypal 1099? Does anyone have experience with this or know the answer?

Batpig

@1957Braves said:
Thanks for the quick answers everyone. From the research I’ve done, the $10,000 amount that be flagged would be a cash deposit (assuming I’m reading it correctly). As this would be a transfer, I don’t think it will hit that flag.

As this is very low five figures, would two transactions of $XXXX and $XXXX be reasonable to avoid any hang ups? Not trying to skirt around anything, just the proceeds as being used to finally retire some nagging monthly payments (Blank you, student loans!) and would like everything to go as smoothly as possible.

Take this with a grain of salt since I'm not an attorney or financial advisor, or very smart. I wouldn't break anything up. Just find out what you need to do (if anything) and do that. Breaking it up looks suspicious by itself.

1957Braves

@Batpig said:

@1957Braves said:
Thanks for the quick answers everyone. From the research I’ve done, the $10,000 amount that be flagged would be a cash deposit (assuming I’m reading it correctly). As this would be a transfer, I don’t think it will hit that flag.

As this is very low five figures, would two transactions of $XXXX and $XXXX be reasonable to avoid any hang ups? Not trying to skirt around anything, just the proceeds as being used to finally retire some nagging monthly payments (Blank you, student loans!) and would like everything to go as smoothly as possible.

Take this with a grain of salt since I'm not an attorney or financial advisor, or very smart. I wouldn't break anything up. Just find out what you need to do (if anything) and do that. Breaking it up looks suspicious by itself.

Thanks. I am inclined to agree. I did call PayPal and confirmed I had no withdrawal limit. They did say an unusually large transfer may get held up shortly for verification. They didn’t specify the amount that would trigger that.

Like Batpig said, easier to just do a one time transfer so it’s only subject to scrutiny once and I can plainly explain what it is.

Has anyone ever had a payment held by PayPal? If so, what was the process and how long did it take?

Sorry to drone on and on about this. I just concerned about any potential pitfalls.

Dand522612

I had one held my first couple of large transactions many years ago. Couple of days if I recall so no big deal. They will take care of it.

slum22

@Dand522612 said:
I had one held my first couple of large transactions many years ago. Couple of days if I recall so no big deal. They will take care of it.

My experience was the same as @Dand522612. The one time, I had something held, it was released within a few days.

slum22

@tonylags said:
There might be withdrawal limits on your paypal account; that you should check.

not to hijack, but similar question. I know PWCC pays out via paypal; I receive 1099's from paypal already, as my yearly sales are over the limit; does this money received from PWCC count as sales too? Would it be included in my 2018~ Paypal 1099? Does anyone have experience with this or know the answer?

I consigned some stuff to PWCC last year. I received a 1099 but that was for sales I did on my own. At least for me, the PWCC sales, which were almost equal to my individual sales were not reflected on my 1099 from PP.

tonylags

@slum22 said:

@tonylags said:
There might be withdrawal limits on your paypal account; that you should check.

not to hijack, but similar question. I know PWCC pays out via paypal; I receive 1099's from paypal already, as my yearly sales are over the limit; does this money received from PWCC count as sales too? Would it be included in my 2018~ Paypal 1099? Does anyone have experience with this or know the answer?

I consigned some stuff to PWCC last year. I received a 1099 but that was for sales I did on my own. At least for me, the PWCC sales, which were almost equal to my individual sales were not reflected on my 1099 from PP.

good to know, thank you. How is that paid f+f or are fee's taken out?

secretstash

@tonylags said:

@slum22 said:

@tonylags said:
There might be withdrawal limits on your paypal account; that you should check.

not to hijack, but similar question. I know PWCC pays out via paypal; I receive 1099's from paypal already, as my yearly sales are over the limit; does this money received from PWCC count as sales too? Would it be included in my 2018~ Paypal 1099? Does anyone have experience with this or know the answer?

I consigned some stuff to PWCC last year. I received a 1099 but that was for sales I did on my own. At least for me, the PWCC sales, which were almost equal to my individual sales were not reflected on my 1099 from PP.

good to know, thank you. How is that paid f+f or are fee's taken out?

f&f

dictoresno

Paypals threshold for sellers looks like its $20,000 before they issue a 1099. however since the sales were 3rd party then deposited to your PayPal, I don't know how thats treated (like a bank account they requires reporting at the $10,000 limit). here is a link to PayPal's tax reporting info for sellers.

https://www.paypal.com/us/webapps/mpp/irs6050w

1957Braves

This was very helpful. Thanks for the replies everyone.

miwlvrn

Is it anyone here's experience that COMC issues 1099's after certain sales thresholds?