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Old 11-05-2013
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Default Powerseller eBay and Paypal

Background:

I've been using my friends dad's eBay account alongside with my friend. In three months we sold $17000 and 150 transactions, account is now powerseller. Account was created in 1999.

I have been getting the money through a stealth Paypal with different names and address, the eBay account may have up to 4 Paypal accounts used on it. I've taken out $10000 no problem.


Here's the question:

Can I continue to use my stealth Paypal with different info and transfer money to the bank? If I start selling in larger amounts, say $30k-1 million a month will I be asked for verification from Paypal?

What should I do in this situation, I hope to increase sales immensely. Could I guess a business tax number, or open up a Paypal as a business?


P.S: My real identity is compromised so I can not give Paypal a SS, Tax number and such.
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Old 11-05-2013
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Default Re: Powerseller eBay and Paypal

If your looking to put $30,000 to $1million a month though PayPal then you can bet your house they will ask for ID

What makes you think you can have 4 PayPal accounts attached to an eBay?
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Old 11-06-2013
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Default Re: Powerseller eBay and Paypal

I think you would be best looking up the 1099k laws that went into effect back in 2010. If you friends dad or whoever is the owner of record with a Tax ID maybe if not. He could be getting letters from the IRS after the next filing season for unreported income. As stated a million times on this thread. Especially for US members. Never ever use a friends of family members eBay or PayPal.
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Old 11-06-2013
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Default Re: Powerseller eBay and Paypal

30k to a Million dollars, yea you should have no problem withdrawing that without drawing attention from anyone.

I know your excited but 17,000 over 3 months is $5300 a month, you have a long way ahead and many obstacles to reach a million dollars , just get to next month first
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Old 11-06-2013
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Default Re: Powerseller eBay and Paypal

Quote:
Originally Posted by kingboy2k3 View Post
Here's the question:

Can I continue to use my stealth Paypal with different info and transfer money to the bank? If I start selling in larger amounts, say $30k-1 million a month will I be asked for verification from Paypal?

What should I do in this situation, I hope to increase sales immensely. Could I guess a business tax number, or open up a Paypal as a business?
1. For sure PP would hit you up with verification.

2. For your large sales AND a business tax number, you should see a tax professional/accountant and not solely rely on the posts here...this is big time professional activity.
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Default Re: Powerseller eBay and Paypal

are you making this money from drop shipping ?
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Old 11-06-2013
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Default Re: Powerseller eBay and Paypal

Thank you guys for the help. It appears I should contact a tax professional, get my own business Tax number, or use my friends dad's info on Paypal as well.

As for product, I got a lucky connection with a trading company. The CEO will give us pretty much an unlimited supply of store returns (Huge Plasma TVs and printers), also used office printers ranging from 50$-5000$ new. We pay him 30% of our profits and get a free inventory.

It is essential I get on a 100% secure Paypal to continue, Amazon has been working well too. I will let you guys know how things go.
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Old 11-08-2013
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Default Re: Powerseller eBay and Paypal

Quote:
Originally Posted by kingboy2k3 View Post
or use my friends dad's info on Paypal as well.
The board highly recommends not to get any friends or family members involved. The one except might be a spouse who understands exactly what is going on. Regardless if you use a friends dad account and you sell over a certain amount there will be a 1099k filed by with IRS under his name. He will be liable for all taxes. Which anything you sell you should report don't get me wrong. But dragging your friends dad into this. I would 1000% advise against. Go stealth, find anther way.
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Old 11-08-2013
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Default Re: Powerseller eBay and Paypal

Quote:
Originally Posted by kingboy2k3 View Post
Thank you guys for the help. It appears I should contact a tax professional, get my own business Tax number, or use my friends dad's info on Paypal as well.

As for product, I got a lucky connection with a trading company. The CEO will give us pretty much an unlimited supply of store returns (Huge Plasma TVs and printers), also used office printers ranging from 50$-5000$ new. We pay him 30% of our profits and get a free inventory.

It is essential I get on a 100% secure Paypal to continue, Amazon has been working well too. I will let you guys know how things go.
All the best - seems like you have identified the issues - dont use your dad's info - leave him out of this.

Be careful on how quickly you sell from the get-go
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