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Multiple Bank Accounts & Taxes
 

Trying to be legit as possible here.. current personal eBay account is "Below Standard" and i'm paying horrid 15% Final Value Fees..

Planning to create an LLC so I can start fresh and be legit, but I understand there will be limits in the beginning.

I know I can create a few extra stealth accounts to sell on while I build up my main account, but to do so will require multiple bank accounts.

How do you guys go about paying taxes when you have multiple bank accounts getting money withdrawn from paypal accounts in other peoples names?

I assume you just report your profits to the IRS like normal? I mean obviously you would avoid the 1099 limit on the non-main stealth accounts..

Basically trying to go stealth on eBay with a few accounts, while still being legit with the government. Trying to be legal here.

Re: Multiple Bank Accounts & Taxes
 

Welcome to the forum - all the best as you master stealth :thumb:

Re: Multiple Bank Accounts & Taxes
 

hi
i have the same question

Please help

Re: Multiple Bank Accounts & Taxes
 

if you didn't get a 1099 no ones going to know you got it except PayPal. If you are one the few who get chosen to be audited then it's good for bank records to match with your profits but people usually only get audited if they spend more than 10k cash on some stuff, or don't report a 1099 or other form when actually one is sent out. with all this covid and madness going on they ain't going to have the resources
if it's a 20k 1099 that wasn't reported its worth investigating.
if you reported 15k from a 20k 1099 but didn't send the 1099 your still going to get audited