Paypal and IRS

[Divvy]

Hi friends, can you help me with a doubt?

Someone told me that when we withdraw more than 10.000 they ask for us ISS number so we can discount for IRS.
Anyone here confirm that?
And if we instead of withdraw, we send money to other user? This way count the same way?

Any of you has give your ISS number to paypal?

Divvy Reviewed by Divvy on 14th Oct 2010. Paypal and IRS Hi friends, can you help me with a doubt? Someone told me that when we withdraw more than 10.000 they ask for us ISS number so we can discount for IRS. Anyone here confirm that? And if we instead of withdraw, we send money to other user? This way count the same way? Any of you has give your ISS number to paypal? Rating: 5

[Lock Down]

Any deposit to a US bank of 10k+ must be reported to the IRS.

So why do it all at once $5000 each time. But Paypal does question large amounts of money and if you are using gifts, goods or services for a payment type then they will probably want your tax id or SSN if you are a US citizen.

[Divvy]

I'm outside US, my doubt is about what someone once said me, that if we withdraw more than 10k in total, paypal request our USS number. Anyone confirms that? Anyone outside US?

I was thinking about one thing... For example, if we insteat of withdraw if we send the money to another account, they request the ISS number anyway when we reach the total of 10k?

How many of you as give the ISS number to paypal?
And are you in or outside US?

P.S. Sorry for my poor english, and hope that you understand what I'm trying to say...

[UltimA]

I know inside the USA if you start receiving any substantial payments they note your SSN or Tax ID (if a company).

Regardless of your country, if you're using a PayPal account, they're passing the financial info over to the government. It's your responsibility to ensure your taxes are in order. If you're a personal account receiving $20,000 per year or less, you should be fine, as you don't have to file it at all ("gift").