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| turtlepillow | 02-15-2017 05:02 AM |
Not 18 Yet And Looking For Some Guidance. Can I beat the system with an EIN number?
Okay, so I'm not 18 yet and my account got limited with a little over $1,400 in it :violin: and I made that much in like two weeks. That's a lot to me. I figured I should just get a normal minimum and make around $200ish a week. It sounds terrible to me so I decided to do some research and I came across this website and the forums. I read that I could make stealth accounts if I use an EIN number? Is there any simple way someone underage can get one of those?
Thanks |
| phaz0rz | 02-15-2017 08:02 AM |
Re: Not 18 Yet And Looking For Some Guidance. Can I beat the system with an EIN numbe
They're really easy to get online, but I believe you've got to be 18.
Whatever you do, DON'T go out and get a job unless you're broke and it becomes absolutely necessary. Too much money to be made sitting at your computer at home.
Will you be 18 soonish? What you could do is purchase/create a few stealth accounts now, slowly start selling on them to build feedback, and then worry about adding a Tax ID once you turn 18. You can sell up to 200 items on an account before you have to provide a Tax ID. Plus it's generally advised you wait until you determine if an account is going to be "worth" adding a tax ID, since you don't want to end up with 20 accounts all with EIN's attached.
Honestly I can't remember for certain if you have to be 18 to use the EIN application. I would think so, but you might want to give it a shot. If the IRS will let you apply then it only takes about 5 minutes to get an EIN. |
| jaybsneaks | 02-15-2017 10:41 AM |
Re: Not 18 Yet And Looking For Some Guidance. Can I beat the system with an EIN numbe
I'm 18 and I can tell you that they don't even ask about your age. When applying for an EIN just make sure you can verify all of your information. |
| DanielPatrick | 02-15-2017 11:52 AM |
Re: Not 18 Yet And Looking For Some Guidance. Can I beat the system with an EIN numbe
Quote:
Originally Posted by phaz0rz
(Post 830440)
They're really easy to get online, but I believe you've got to be 18.
Whatever you do, DON'T go out and get a job unless you're broke and it becomes absolutely necessary. Too much money to be made sitting at your computer at home.
Will you be 18 soonish? What you could do is purchase/create a few stealth accounts now, slowly start selling on them to build feedback, and then worry about adding a Tax ID once you turn 18. You can sell up to 200 items on an account before you have to provide a Tax ID. Plus it's generally advised you wait until you determine if an account is going to be "worth" adding a tax ID, since you don't want to end up with 20 accounts all with EIN's attached.
Honestly I can't remember for certain if you have to be 18 to use the EIN application. I would think so, but you might want to give it a shot. If the IRS will let you apply then it only takes about 5 minutes to get an EIN.
| Out of curiosity, how much money you make from your computer? What type of items do you sell on eBay that make you generate enough money at the end of the month? Do you use a drop-shipper or something? |
| austyn12x | 02-15-2017 02:29 PM |
Re: Not 18 Yet And Looking For Some Guidance. Can I beat the system with an EIN numbe
Quote:
Originally Posted by phaz0rz
(Post 830440)
They're really easy to get online, but I believe you've got to be 18.
Whatever you do, DON'T go out and get a job unless you're broke and it becomes absolutely necessary. Too much money to be made sitting at your computer at home.
Will you be 18 soonish? What you could do is purchase/create a few stealth accounts now, slowly start selling on them to build feedback, and then worry about adding a Tax ID once you turn 18. You can sell up to 200 items on an account before you have to provide a Tax ID. Plus it's generally advised you wait until you determine if an account is going to be "worth" adding a tax ID, since you don't want to end up with 20 accounts all with EIN's attached.
Honestly I can't remember for certain if you have to be 18 to use the EIN application. I would think so, but you might want to give it a shot. If the IRS will let you apply then it only takes about 5 minutes to get an EIN.
| if he has a ssn all he has to do is apply online. i did at 16. or use his ssn |
| dallis | 02-15-2017 10:09 PM |
Re: Not 18 Yet And Looking For Some Guidance. Can I beat the system with an EIN numbe
You don't have to be 18.
Just apply online. They'll give it to you when you finish the form.
But phazOrz advice is very good, best bet is to do what he says instead.
Keep an eye on the limited account, I believe they eventually will release the funds, in something like 180 days.
Somebody will be along shortly to confirm or deny that I'm sure. :) |
| turtlepillow | 02-18-2017 12:54 AM |
Re: Not 18 Yet And Looking For Some Guidance. Can I beat the system with an EIN numbe
Quote:
Originally Posted by phaz0rz
(Post 830440)
They're really easy to get online, but I believe you've got to be 18.
Whatever you do, DON'T go out and get a job unless you're broke and it becomes absolutely necessary. Too much money to be made sitting at your computer at home.
Will you be 18 soonish? What you could do is purchase/create a few stealth accounts now, slowly start selling on them to build feedback, and then worry about adding a Tax ID once you turn 18. You can sell up to 200 items on an account before you have to provide a Tax ID. Plus it's generally advised you wait until you determine if an account is going to be "worth" adding a tax ID, since you don't want to end up with 20 accounts all with EIN's attached.
Honestly I can't remember for certain if you have to be 18 to use the EIN application. I would think so, but you might want to give it a shot. If the IRS will let you apply then it only takes about 5 minutes to get an EIN.
| I'll be 18 next month and I literally have ZILCH all my money is frozen, I can't buy any stealth accounts. I'm thinking I'm just going to wait until I'm 18 so I can add a real bank account to withdraw my money. But I'm going to sign up for a business account, that way they don't ask for SSN at all. But how fast do I need an EIN? Will they request it as soon as I sign up for PayPal or just once I reach the 200 item a year limit thing? |
| turtlepillow | 02-18-2017 12:55 AM |
Re: Not 18 Yet And Looking For Some Guidance. Can I beat the system with an EIN numbe
Quote:
Originally Posted by austyn12x
(Post 830507)
if he has a ssn all he has to do is apply online. i did at 16. or use his ssn
| If I use my SSN right now to sign up on PayPal won't they freeze my account until my 18th birthday? |
| turtlepillow | 02-18-2017 12:57 AM |
Re: Not 18 Yet And Looking For Some Guidance. Can I beat the system with an EIN numbe
Quote:
Originally Posted by dallis
(Post 830586)
You don't have to be 18.
Just apply online. They'll give it to you when you finish the form.
But phazOrz advice is very good, best bet is to do what he says instead.
Keep an eye on the limited account, I believe they eventually will release the funds, in something like 180 days.
Somebody will be along shortly to confirm or deny that I'm sure. :)
| My first account that got limited was a friend that was older than 18 and the money was released in 45 days. I was so happy. And then I moved onto another family or friend that didn't even have a PayPal or use eBay and they got linked and is now limited as well. What do you think my chances of getting the money released in 45 days again is? |
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