Hi PayPal community! I am a college student with no job, recently I received some money from non-US friends through Goods and Services since they do not have Friends and Family option.
I did not have even $1,000 in goods and service I believe nor even 10 goods and service transaction I believe total this year.
I just received this message: Confirm your U.S. taxpayer status Because you receive payment for goods and services through PayPal, we need to verify your U.S. tax status. Your U.S. taxpayer information will be used to prepare the IRS Form 1099-K when it is necessary. You can refer to the instructions provided by the IRS.
and the email also said account restrictions may take place.
I personally use F&F option of paypal alot, $10-20K USD worth a year sending and receiving due to alot of activities we do in our friendgroup... and i am worried that my account will freeze my funds or not able to use paypal again as I do not want to provide tax information. Would I be okay with continuing to receive and send through paypal F&F? If I am nowhere the limit for $20K would I be also okay getting money that way? Does this limitation reset after a year?
Thank you so much.
