Forum

Stealth with 1099k or not?
 

Hi guys. I'm trying to decide between getting a stealth
account that either generates a 1099k or doesn't generate
a 1099k..
If I get a full stealth which won't generate the 1099,
then obviously I won't be able to report that income, and
I'll be at risk of audit (I won't be able to answer IRS if they ask
Where this income is coming from). That's tax evasion...

If I do get a stealth which does generate a 1099k, my legal name
and ssn won't be on it obviously. IRS matches legal name+ssn vs
Name and ssn on 1099k... wtf...

How do you guys work it? Fill me in team. I've been restricted for
Over a year now and I need to get back online. Mercari is lame.

Re: Stealth with 1099k or not?
 

My accounts that generate 1099k's have business names + EIN's instead of personal info.

Re: Stealth with 1099k or not?
 

You just saved my day. Im going to use my ebay store name and register it as an LLC with my state. Sweet

Re: Stealth with 1099k or not?
 

So would you recommend getting a stealth that doesn't
Generate 1099k or does? Whats your style

Re: Stealth with 1099k or not?
 

Don't listen to agent. He doesn't run stealth accounts and doesn't understand how they work.. which is evident in his reply to your question.

Re: Stealth with 1099k or not?
 

What? start reading the forum....... But two of the most obvious ones......
1) Keep under the 1099K threshold for the state of account location.

2) have accounts in locations that have NO IRS reporting laws.

Re: Stealth with 1099k or not?
 

LLC or corporations etc.... do not have to match the ebay store name.

You are required by law to report all income. the 1099K is irrelevant in every possible way to your income. It would not be tax evasion to file taxes without a 1099k. If your CPA said that, get a new accountant ASAP because they are dangerous. I would also file a formal complaint with the state for giving blatantly reckless information/advice.

Re: Stealth with 1099k or not?
 

I being doin ebay stealth for over 10 years now. I have over 15 accounts.
They never sent me a 1099. And I never paid them a cent in taxes!

Re: Stealth with 1099k or not?
 

You don't pay taxes to Paypal.. you pay them to the Treasury and it's not a good idea to brag about dodging taxes. :doh:

Re: Stealth with 1099k or not?
 

IRS or nobody can track me, I have stealth bank accounts also. I bought them online.

Re: Stealth with 1099k or not?
 

They probably won't find you until they want to.

How do you buy your stuff? Your money is going somewhere.

Re: Stealth with 1099k or not?
 

How they goin find me? My stealth bank accounts are not in my name or my address. I had not paid them, 'IRS' a cent and will never! :amen:

Re: Stealth with 1099k or not?
 

Stealth bank accounts? Sounds odd

Re: Stealth with 1099k or not?
 

you really need to learn more about taxes. The IRS doesn't care about where your money is coming from, That's not tax evasion. All they care about is that you have money, and that you pay the taxes on that money. They couldn't give a crap if you are a drug dealer, or a gun runner. You made money, you pay them money, and that's it.

You don't need a 1099 to pay taxes. Tell the IRS how much you made, and pay taxes on that. That's it.