Paypal My Cash Card Loading to Paypal Acct for eBay Purchases - $20K IRS Limit????
 

So I have been thinking that when I buy big items off eBay, why not get 5% off by using a card that gets 5% off or higher at grocery stores or drug stores and purchase a Paypal My Cash Card first to load to my paypal account?

$500 max load with $3.95 fee is the same as VRs so that is nice, and 5% cash back nets me $25 cash refund to the reward card at a minimum to cover the $3.95 fee + more.

I then use the balance to buy the things I would normally buy on ebay, except for roughly 5% off...

So I have done this 3-4 times this year, and enjoyed a nice eBay discount...

My only question is, do these paypal My Cash "loads", actually count as "receipts" when factoring in your total yearly receipts and if they go over the $20K limit that would cause you to receive the hassle of the dreaded IRS form?

I want to make sure I don't have to deal with any extra hassle from using this product the exact way it was intended, for eBay purchases, so I wanted to check in with the senior forum members to see if anybody knew for sure?:confused:

Thank you so much in advance for your help!
^

You won't get a 1099-K. That's only for payments received, not loading money into the account which is already yours. Even then, payments only count towards the $20k/200 transactions if you select payment for goods/services rather than sending money to family/friends.

How did you learn this? Do you know this for sure or are you speculating?

Is anyone having success with PP Business Debit online loads to BB? My first 5 went through, but since then every single one has been declined on the Paypal side. I thought this would be an easy extra $1k spend/month, but it's not working for me.

I was also disappointed to find that it does not seem to be possible to run the PP Business Debit as a debit card for any of the IRS Tax payment processors.

So far the only way I'm getting money out is as cashback with debit PIN purchases.

Anybody knows if PayPal MyCash card at Speedways can be bought by a cc or not?

No

Paypal Prepaid card
 

My Netspend account was shut down. Will I be able to open Paypal prepaid card? (I understand that it's a sister card of Netspend). I see that PPC is listed now on VR.

Don't think so. But feel free to try...

how do you know this for sure?

because I am pretty sure u can use this just like amazon payments

a----> b

etc

Your question was asked before, but the member didn't answer. I don't expect him/her to answer it now. From the T&C, I don't think 1099-K will be produced, but that's only a speculation.

You're assuming that PayPal is filtering reloads as a 'special' type of transaction that isn't counted towards the threshold. Maybe that's true, but if you log into your account, right next to the reload transaction it says "Payment from...".

This is a worthwhile question to ask and I haven't seen a convincing answer either way. I don't think we'll know for sure until next year.

Thank you! Finally someone gets it...

Yes, you can never trust paypal...

Who knows if they really consider you loading your own account a "payment" received or not...@:-)

VR->paypal worth it?
 

Hello,

VR allow reloads to paypal, but in your experience is it worth it? I do use paypal regularly to buy stuff off ebay or to pay my friends for things etc, although definitely not nearly in the thousands per month. I wonder if you can buy a large amount of VR, transfer to paypal, and then transfer from paypal to bank account free of charge? This will help increase the limit of MS 5k/month (or 6k if you include debit cards) that's currently in place for BB.

Also, I see that there are paypal reload cards being sold in CVS / walgreens. Didn't try them (yet), so this could be yet another way to MS. IIRC, it was around 3.95 for 500, same as VR.

I wouldn't do that as PP is known to shut down accounts if you load & transfer out to a bank acct. If you must do PP, get the debit card and use that to buy MOs at WM or your local grocery store as a way to cash out.

See this thread some data points » http://www.flyertalk.com/forum/manuf...er-thread.html

Do you mean PP prepaid card? Keep in mind that it's not paypal. It's a prepaid card that is linked to PP, you add money from VR to this card and then you can transfer money to PP via PP bank transfer.
This card also has $4.95 monthly fee.