How To File Taxes With Stealth Accounts? - eBay Suspended & PayPal Limited Forums
eBay Suspension & PayPal Limited Forums  
Join Today
Register Subscribe
     

Registration is fast, simple and absolutely free so please, join our community today!


Go Back   Home > Platform Discussions > PayPal Talk

PayPal Talk PayPal Forums. General issues related to PayPal.

Reply
 
Thread Tools
  #1  
Old 11-01-2016
Junior Member
 
Join Date: Oct 2016
Posts: 17
Thanks: 28
Thanked 4 Times in 4 Posts
Activity: 0%
Longevity: 43%
iTrader: (1)
Default How To File Taxes With Stealth Accounts?

I looked for answers on here, but can't seem to find?

Big lingering question I have is, how the heck to file taxes with stealth accounts? IRS still wants their cut right? And in order for you to be legitimate, You need to claim this as income, correct?

So, if you aren't registered as a business, then how do you file? Without Schedule C and just eat not getting tax write offs from business?

Thanks.
Reply With Quote
The complete step-by-step guide to get back to selling today!

  #2  
Old 11-02-2016
jmoplay's Avatar
Junior Member
 
Join Date: Sep 2016
Posts: 30
Thanks: 2
Thanked 7 Times in 6 Posts
Activity: 0%
Longevity: 43%
iTrader: (0)
Default Re: How To File Taxes With Stealth Accounts?

Seems like no one answers this type of question..
Reply With Quote
  #3  
Old 11-02-2016
Senior Member
 
Join Date: Jul 2014
Posts: 904
Thanks: 141
Thanked 306 Times in 204 Posts
Activity: 0%
Longevity: 56%
iTrader: (0)
Default Re: How To File Taxes With Stealth Accounts?

85% of people probably pay no tax here.
5% of people bury our heads in the sand and hope it will be ok aslong as we're paying the correct amount of tax anyway(myself included)
10% of people think all aspects of stealth are completely legal(lol)
Reply With Quote
The Following User Says Thank You to dan_ebay For This Useful Post:
troutfisherman123 (11-02-2016)
  #4  
Old 11-02-2016
yankee's Avatar
Executive [VIP]
 
Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,108 Times in 2,282 Posts
Activity: 0%
Longevity: 60%
iTrader: (2)
Default Re: How To File Taxes With Stealth Accounts?

I really do not understand this question at all.

You file your taxes like you always do. Business? Do you have one? If so, then file under your business. If not, declare the income as usually. Onoy you and your account would know these details.

What is your concern?

I mean, you have a checking account receiving income. What is different from any other account stealth or not?
Reply With Quote
  #5  
Old 11-02-2016
Junior Member
Threadstarter  
 
Join Date: Oct 2016
Posts: 17
Thanks: 28
Thanked 4 Times in 4 Posts
Activity: 0%
Longevity: 43%
iTrader: (1)
Default Re: How To File Taxes With Stealth Accounts?

Quote:
Originally Posted by yankee View Post
I really do not understand this question at all.

You file your taxes like you always do. Business? Do you have one? If so, then file under your business. If not, declare the income as usually. Onoy you and your account would know these details.

What is your concern?

I mean, you have a checking account receiving income. What is different from any other account stealth or not?

I'm just trying to find out what other stealthers are doing regarding filing taxes, who don't have a registered business, who are not having 1099's generated?

Are you:

A) Filing just a regular 1040/1040A and are NOT claiming money received under f@ke names and random addresses
B) Filing a regular 1040/1040A and ARE claiming funds received
C) Are you filing a Schedule C and claiming business income/business deductions/business expenses, etc.?

If it's B or C, then my follow up question is, what's going to happen if you get audited? They are going to want to see all evidence of that earned income right? Meaning PayPal receipts in all these different f@ke names and random addresses? How do you explain that?
Reply With Quote
  #6  
Old 11-02-2016
yankee's Avatar
Executive [VIP]
 
Join Date: Nov 2013
Posts: 8,983
Thanks: 2,744
Thanked 3,108 Times in 2,282 Posts
Activity: 0%
Longevity: 60%
iTrader: (2)
Default Re: How To File Taxes With Stealth Accounts?

Paypal receipts? For what? I have zero of these. I have paypal deposits into checking accounts. They those receivables are the same as any other income.

Me Personaly? I have corporations, Trusts, LLP and LLC's

To be clear, you file your income that you are withdrawing the same as you always would or however you set up your business. No one on this forum is going to give you accounting advice. Non of us know you, your businesses, you assets and liabilities, other incomes etc... You need a professional to help with these questions.
Reply With Quote
  #7  
Old 11-02-2016
MU
 
Join Date: Jun 2016
Posts: 286
Thanks: 7
Thanked 33 Times in 29 Posts
Activity: 0%
Longevity: 45%
iTrader: (0)
Default Re: How To File Taxes With Stealth Accounts?

Since when is income tax mandatory, it is funny that people blindly pay it
Reply With Quote
  #8  
Old 11-02-2016
phaz0rz's Avatar
Executive [VIP]
 
Join Date: Nov 2015
Posts: 10,832
Thanks: 2,076
Thanked 4,022 Times in 3,010 Posts
Activity: 0%
Longevity: 48%
iTrader: (2)
Send a message via ICQ to phaz0rz Send a message via AIM to phaz0rz Send a message via Yahoo to phaz0rz
Default Re: How To File Taxes With Stealth Accounts?

I purchased high limit accounts from here, upgraded them to business accounts and applied EIN's which I got from the IRS, then registered LLC's with my state for each business account. 1099's come (with stealth name/address) and I take them to my tax guy. Last year he just marked through the stealth name and address and said it's not important.
__________________
____________
_______
___
Reply With Quote
The Following 4 Users Say Thank You to phaz0rz For This Useful Post:
ampersand (12-04-2016), bronwyn (05-03-2017), reko888 (09-03-2018), troutfisherman123 (11-02-2016)
  #9  
Old 11-02-2016
Junior Member
Threadstarter  
 
Join Date: Oct 2016
Posts: 17
Thanks: 28
Thanked 4 Times in 4 Posts
Activity: 0%
Longevity: 43%
iTrader: (1)
Default Re: How To File Taxes With Stealth Accounts?

Quote:
Originally Posted by phaz0rz View Post
I purchased high limit accounts from here, upgraded them to business accounts and applied EIN's which I got from the IRS, then registered LLC's with my state for each business account. 1099's come (with stealth name/address) and I take them to my tax guy. Last year he just marked through the stealth name and address and said it's not important.
I appreciate the info. phaz0rz. That sounds more along the lines of what I envision doing. In my view, that is the most solid way to go about it...
Reply With Quote
The Following User Says Thank You to troutfisherman123 For This Useful Post:
thedepartedvertigo (11-02-2021)
  #10  
Old 09-13-2017
Junior Member
 
Join Date: Jun 2017
Posts: 15
Thanks: 1
Thanked 4 Times in 4 Posts
Activity: 0%
Longevity: 39%
iTrader: (0)
Default Re: How To File Taxes With Stealth Accounts?

Hello there

I bought a 500/25K stealth account on here . No issues with the Ebay or Paypal account whatsoever. Recently Paypal requested that I add a SSN or EIN to the account . Right now its a 'soft limitation' I believe. I cant accept payments for my Ebay items until I update the EIN. My question is this. Im in California and the account was set up with a name and address/phone number in Massachusetts. To properly clear this hurdle with Paypal what has worked for you? Do I register the EIN with the IRS with my SSN,name,address OR with my SSN and the name and address thats on the stealth account on Paypal? Would I initially create it with the name of the person on the stealth account as a sole proprietorship or LLC ? Im confused. Hoping you can help. Phaz0rz you and others always give good advice on the forums. thank you and God bless. Rick
Reply With Quote
  #11  
Old 09-13-2017
rsot's Avatar
Executive [VIP]
 
Join Date: Dec 2009
Posts: 75,855
Thanks: 5,926
Thanked 8,909 Times in 8,202 Posts
Activity: 99%
Longevity: 83%
iTrader: (7)
Default Re: How To File Taxes With Stealth Accounts?

Prob best to have started a new thread Chandiesel. All I can state on the topic is that you get the EIN from IRS website with your real info but you register the EIN on the pp in the stealth details of the pp (don't give your real ssn or info)
Reply With Quote
The Following User Says Thank You to rsot For This Useful Post:
Chandiesel (09-13-2017)
  #12  
Old 09-13-2017
Junior Member
 
Join Date: Jun 2017
Posts: 15
Thanks: 1
Thanked 4 Times in 4 Posts
Activity: 0%
Longevity: 39%
iTrader: (0)
Default Re: How To File Taxes With Stealth Accounts?

hello again
PLEASE if anyone can help with this information I would be truly grateful. Im not in need of tax advice, I simply am trying to clarify some information I need about Paypal and how to best register the EIN on IRS and Paypal so that there are no issues with Paypal accepting the EIN for the stealth account.
Would I register the EIN on IRS as
Business Name
Stealth address

& EIN on Paypal as
Business name
Stealth address

Does it matter that Im in California and the stealth account is based out of Mass? Would I simply forward mail from the IRS to my address from the stealth address registered on IRS and Paypal with the EIN??

Also I would register as an LLC and NOT a sole proprietorship?

Thank you for your help with this . Greatly appreciated
Reply With Quote
  #13  
Old 09-13-2017
empirestate's Avatar
Banned
 
Join Date: Mar 2015
Posts: 3,138
Thanks: 44
Thanked 667 Times in 486 Posts
Activity: 0%
Longevity: 52%
iTrader: (1)
Default Re: How To File Taxes With Stealth Accounts?

Spread your sales among 10 accounts hah
__________________
How to use Paypal correctly
Run multiple portable Firefox, 1 user account
How to add new PP to eBay
How to clean photos
Best image resizer
Reply With Quote
Reply



Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
If I make an EIN, do I need to file taxes? celebrityao PayPal Talk 2 08-16-2016 07:43 AM
If I obtain an EIN, is it mandatory to file taxes? jakobrockz Subscriber Discussions 11 02-17-2015 03:30 PM
How do you pay taxes on Stealth Accounts?? HowYaLivin Subscriber Discussions 8 08-08-2011 06:07 PM


Aspkin Group

All times are GMT -5. The time now is 05:43 AM.


Stop the guessing games and learn how you can quickly and easily get back on eBay today!
Read the best selling step-by-step eBay Suspension guide eBay Stealth!
Amazon Suspension? Read Amazon Ghost to get back on Amazon!
vBulletin® Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Ad Management by RedTyger
no new posts

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58