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02-19-2020
Justin Ghost
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Paying Taxes on Paypal EIN
I got an PayPal account under another person's name but it's connected to an EIN in my name.
How do I go about paying taxes on this account?
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02-19-2020
ebaystealth1974
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Re: Paying Taxes on Paypal EIN
The same as you would pay taxes on any account. Take the info from your 1099-k and go from there.
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02-20-2020
Justin Ghost
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Re: Paying Taxes on Paypal EIN
The 1099 from PayPal has the other person's name on it.
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02-20-2020
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Re: Paying Taxes on Paypal EIN
As long as the correct tax id was used then you’ll be fine.
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Re: Paying Taxes on Paypal EIN
Quote:
Originally Posted by
Justin Ghost
The 1099 from PayPal has the other person's name on it.
Hopefully the person knows you are using their name...
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02-20-2020
ebaystealth1974
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Re: Paying Taxes on Paypal EIN
Quote:
Originally Posted by
Justin Ghost
The 1099 from PayPal has the other person's name on it.
Then it isn't in the name of your EIN, as your original post states.
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02-20-2020
phaz0rz
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Re: Paying Taxes on Paypal EIN
My 1099's showed the stealth name the first year - it didn't make any difference. The accounts never had anything other than my EIN.
The next year they all showed my LLC names and I have no idea why.
Moral of the story - just use your 1099K's as they're intended (as reporting tools) and report those numbers on your tax return, minus your expenses.
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