I was wondering if anybody used paypal for majority of their wagering transactions and may have any answers or solutions. I primarily used bitcoin and used sites like bovada,heritage etc. (Never had a problem) but my situation has changed and now i'm currently using paypal. I've earned around half of the 20k limit starting in January 2019.
"PayPal will track the payment volume of your account(s) to check whether your payment volume exceeds of these levels in a calendar year:
$20,000 USD in gross payment volume from sales of goods or services in a single calendar year
200 payments for goods or services in the same year"
I would assume that if I go over the $20k threshold and have under 200 transactions in the calendar year, I won't receive a 1099-K form from paypal. But I don't want Uncle Sammy to come beat me over the head next year if that's not the way it works. Any help or words of advice will be greatly appreciated.
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I was wondering if anybody used paypal for majority of their wagering transactions and may have any answers or solutions. I primarily used bitcoin and used sites like bovada,heritage etc. (Never had a problem) but my situation has changed and now i'm currently using paypal. I've earned around half of the 20k limit starting in January 2019.
"PayPal will track the payment volume of your account(s) to check whether your payment volume exceeds of these levels in a calendar year:
$20,000 USD in gross payment volume from sales of goods or services in a single calendar year
200 payments for goods or services in the same year"
I would assume that if I go over the $20k threshold and have under 200 transactions in the calendar year, I won't receive a 1099-K form from paypal. But I don't want Uncle Sammy to come beat me over the head next year if that's not the way it works. Any help or words of advice will be greatly appreciated.
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