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Default Filing Taxes

I have a basic question about filing taxes..

When it's time to file taxes, the IRS is obviously going to see that
I'm bringing in more than what's on my W2 from my day job.
So how do I avoid being audited? If they ask, where did all this extra
Income come from, I'm obviously not going to tell them it's from a
Stealth eBay Account..
????
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Default Re: Filing Taxes

Just tell them that you’re a freelancer
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Default Re: Filing Taxes

Quote:
Originally Posted by m555zma View Post
I have a basic question about filing taxes..

When it's time to file taxes, the IRS is obviously going to see that
I'm bringing in more than what's on my W2 from my day job.
So how do I avoid being audited? If they ask, where did all this extra
Income come from, I'm obviously not going to tell them it's from a
Stealth eBay Account..
????
why wouldn't you tell them it's from a Stealth eBay Account? Do you think it's illegal or something?
Even if it was, IRS doesn't care. They don't care how you got your money. They just want their money.
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Default Re: Filing Taxes

Report your profits on a 1099K you fill out yourself, and then reconcile your expenses, if you're really worry about it.

It's all pretty easily done on a Schedule C.
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Default Re: Filing Taxes

if you sold 200 transactions and $20k last year,Paypal should have sent you a 1099K which showed how much you have collected (gross) .
If you think selling on Ebay is a business,then file schedule C,you will find plenty of deductions like drive to post office,home office,cost of goods sold,shipping,etc etc.
but if you are just selling whatever you have in your house,IRS does not expect you to make a profit as you probably paid more than what you sold.
you can just report them as extra income on 1040.(sales minus your expenses).
Does your state know you are a seller?
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Default Re: Filing Taxes

Quote:
Originally Posted by Jamaal8 View Post
Just tell them that you’re a freelancer
freelancing income is taxable income,if the person who hire you to work for him and I dont recall how much ,he has t o file a 1099 with IRS and a copy comes to you.
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Default Re: Filing Taxes

James13 is right,IRS does not care if you have a stealth account,when money landed in your bank account or paypal account,thats your money.
if you are audited,they want to see 2 years of your bank statements .
if you run a business,they want to see the sales ledger,vendor invoices,come to your house and look at your home office,storage etc.
Your home office should be strictly for business,not your den where children play and watch TV or play cards,so if there is a field audit,you want to remove any evidence from that office.
if you are claiming storage for your inventory,make it a separate room or closet.
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Default Re: Filing Taxes

I sold on many stealth accounts over 15 years now guys. Took in alot of money. Paypal never sent me a 1099 form or nothing. IRS never bothered me in the 15 year time frame. I never paid a cent to to the IRS
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Default Re: Filing Taxes

Quote:
Originally Posted by ebayStlealth300 View Post
I sold on many stealth accounts over 15 years now guys. Took in alot of money. Paypal never sent me a 1099 form or nothing. IRS never bothered me in the 15 year time frame. I never paid a cent to to the IRS
While not an action to condone....definitely able to with stealth

Last edited by rsot; 1 Week Ago at 04:28 AM.
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Default Re: Filing Taxes

Thanks everyone. Good Info.
I'll claim freelance, not business.
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Default Re: Filing Taxes

Quote:
Originally Posted by james13v View Post
why wouldn't you tell them it's from a Stealth eBay Account? Do you think it's illegal or something?
Even if it was, IRS doesn't care. They don't care how you got your money. They just want their money.
I thought it wasn't legal because the accounts are made with
made up ssn, name, address, etc.
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Default Re: Filing Taxes

Quote:
Originally Posted by agent006140 View Post
if you sold 200 transactions and $20k last year,Paypal should have sent you a 1099K which showed how much you have collected (gross) .
If you think selling on Ebay is a business,then file schedule C,you will find plenty of deductions like drive to post office,home office,cost of goods sold,shipping,etc etc.
but if you are just selling whatever you have in your house,IRS does not expect you to make a profit as you probably paid more than what you sold.
you can just report them as extra income on 1040.(sales minus your expenses).
Does your state know you are a seller?
No my state doesn't know
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  #13  
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Default Re: Filing Taxes

Quote:
Originally Posted by m555zma View Post
I thought it wasn't legal because the accounts are made with
made up ssn, name, address, etc.
There's not supposed to be any made up SSN on a stealth account.
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  #14  
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Default Re: Filing Taxes

maDe up SSN or someone else's SSN?
eBAY is now collecting sales tax for you and remitting to the state,so if someone from your state buys from you,your state would know yu are selling

Last edited by agent006140; 6 Days Ago at 05:32 PM.
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Default Re: Filing Taxes

Quote:
Originally Posted by m555zma View Post
I thought it wasn't legal because the accounts are made with
made up ssn, name, address, etc.
Made up SSN is illegal though - careful
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  #16  
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Default Re: Filing Taxes

Isn't there a morotorium on tax collection now?
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  #17  
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Default Re: Filing Taxes

Quote:
Originally Posted by glacier922 View Post
Isn't there a morotorium on tax collection now?
lol. imagine if there wasn't? IRS is better off putting on the brakes for awhile. Not pausing tax collection would just cause more problems.
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Default Re: Filing Taxes

Stupid me already paid :(
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  #19  
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Default Re: Filing Taxes

Quote:
Originally Posted by m555zma View Post
I thought it wasn't legal because the accounts are made with
made up ssn, name, address, etc.
Hold on. You used a ⊗⊗⊗⊗ SNN?
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  #20  
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Default Re: Filing Taxes

Quote:
Originally Posted by m555zma View Post
I thought it wasn't legal because the accounts are made with
made up ssn, name, address, etc.
Imagine if the “made up” SSN actually belonged to somebody... you’ll be in deep trouble lol.
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  #21  
Old 5 Days Ago
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Default Re: Filing Taxes

I really hope that wouldn't be the case.... never ever enter an SSN to an account basically.

Whenever there is one, it's a big red flag.
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  #22  
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Default Re: Filing Taxes

Quote:
Originally Posted by glacier922 View Post
Isn't there a morotorium on tax collection now?
they extend the deadline for filing 2019 income tax,where did you hear moratoium
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