Help with PayPal Withdrawal Thanks so much in advance for taking the time to read and possibly help. It means a lot to me.
I do an online business which doesn't have anything to do with eBay. I get paid by my business partner in BTC, and someone I met online sends me money through PayPal to my personal account.
I've only started this recently - and I took in two payments of $1000 USD each as friends and family to dodge fees (dumb move... wasn't that experienced with PayPal). PayPal put limitations on my account (it's not linked to eBay or anything like that) and is requesting that I verify my identity. Obviously, I can't do that since they would figure out that I'm under 18 and close my account.
I'm not sure what to do anymore. I have $3,600 in that account, and my account is under my own name and linked to my personal bank account.
My bank withdrawal has been stuck on "pending" for one day, and I'm not exactly sure what these limitations restrict me from doing.
In any case, basically, all I need to be able to do is receive money from another account (I'll get them to send as goods and services in the future) and then withdraw to my bank account.
I'm on track to earning about $60,000 for next year. I'm willing to buy stealth accounts, but I don't know how to avoid the "IRS" or tax thing that everyone has been talking about.
TL;DR:
- I'm under 18, registered an account under my own name and my account's limited with $3600 in it. Am I still able to withdraw?
- I still need to receive daily payments of about $1000 USD and withdraw it to my bank account. Should I set up stealth accounts? The total value that I will receive from another user is well over $50,000.
- What's the tax thing, and how do I avoid it?
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