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:
- $20,000 in gross payment volume for goods or services - 200 payments for goods or services
I am for sure not doing 20,000$ selling legos. But I made several small transactions. I got 200 payments.
Selling as a hobby, just so lego don't cost so much.
I sell from Canada. Anyone has advise as to what exactly I have to do?
Hello All,
I received the following email from Paypal:
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:
- $20,000 in gross payment volume for goods or services
- 200 payments for goods or services
I am for sure not doing 20,000$ selling legos. But I made several small transactions. I got 200 payments.
Selling as a hobby, just so lego don't cost so much.
I sell from Canada. Anyone has advise as to what exactly I have to do?
Thanks,
Steeve