I'm About To Turn 18 And Stressed About Paying Taxes
I started off using a family member who didn't use PayPal or eBay at all and the account eventually got limited. I'm going to turn 18 next month and am going to use my real name, new address because my current address is on a currently limited paypal. I'm going to open up a bank account when I turn 18 and use a vanilla visa probably for the CC verification.
I plan on opening up a business account so they don't ask for SSN that way from what I understand after reading the stealth guide and looking through these forums. But when will they ask for an EIN number? They only ask for an EIN or SSN once you get close to the 200 transactions + $20,000 limit correct?
If I just stop selling on that account for the year PayPal won't send me 1099k and report my income to the IRS. I know tax evasion is a stupid thing to do but technically can't I create a whole nother PayPal+eBay and do it over again?
I've seen some hints of users doing this but something that made me think that's not possible is doesn't the IRS or someone see how much money is going through all multiple bank account under my name? I know PayPal doesn't see the name on the bank account but doesn't someone? How does that work?
I buy most of my stuff with just cash or stuff from china.Which I don't have receipts for. When people report their income and the deductibles can you really just put a random number saying "I purchased this item for x" and that will automatically make your net profit different?
Just in need of some helpful knowledge from people who have been paying taxes on their eBay sales and people who haven't been lol.
Last edited by turtlepillow; 02-18-2017 at 04:28 AM.
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