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Going from a Stealth to Legal PayPal Account
 

Usually people come here to go from legal to stealth but i'm curious about the other way around. Any advice from the experienced?

In this scenario, let's say you bought a Paypal stealth account (Fully verified) you used it for a year and are now reaching the 200 AND $20,000 limit for reporting your earnings. How would one go about legally owning the account and reporting those earnings as their owns? Or I guess the more narrow question is, If I changed the stealth accounts tax information to registered business information under my name or legal entity, are there any legal repercussions I can face for having tax information of someone else previously associated with "My" paypal account, repercussions such as that dude being viewed as the legitimate owner of the paypal account and funds therein, thus having a stake of claim to the account and all of it's earnings if I somehow had millions saved up inside?

I know these are a lot of "what if's" but I trust there's someone here who understands the hypothetical's.

Re: Going from a Stealth to Legal PayPal Account
 

did you buy the stealth account from someone?
do you know the person whose name is on the account?
is there such a person?
did you enter a SSN for your stealth account?
1099K goes by SSN

Re: Going from a Stealth to Legal PayPal Account
 

did you buy the stealth account from someone? Yes
do you know the person whose name is on the account? No
is there such a person? Yes or it appears so.
did you enter a SSN for your stealth account? No, it was sold already with one entered.
1099K goes by SSN. Not sure what would mean exactly

Re: Going from a Stealth to Legal PayPal Account
 

Paypal sends 1099k to you and IRS if you have 200 transactions AND $20,000 PAYMENTS under goods and services.
you=ssn number,address,name is what you have given Paypal .
If there is such a person ,your sales proceeds on the 1099K will be added to his gross income by IRS computer.

Re: Going from a Stealth to Legal PayPal Account
 

He cant claim your millions,but he would be stuck with paying tax on your millions.
He would raise hell if he is ever audited and you will goto JAIL
My ADVICE is ditch that account before it reaches 200 transactions and $20k

Re: Going from a Stealth to Legal PayPal Account
 

So you're saying there is no way of going legal with a stealth account, surely if it's a business account you would have some way of changing he tax identity on file.

Re: Going from a Stealth to Legal PayPal Account
 

since you have already made and transferred your millions,why do you want t o hang on to that account with other people name and SSN,it could come back and bite you in the ass??

Re: Going from a Stealth to Legal PayPal Account
 

Oh,dont forget state audit,you dont have to reach 200 transactions and $20k to be audited.

Re: Going from a Stealth to Legal PayPal Account
 

I don't think you understand the concept or benefits of going legal, and by the way the above scenario is a scenario not reality, but one of the biggest perks of going legal is not having to worry about ditching an account and than making a new one, and maintaining all of the necessities of a new account such as new phone, new bank, etc.

Put it to you like this, if John and James create a eBay business and a business paypal account where both John and James have access to the accounts. Regardless of who registered the business accounts in whom's name, (Lets say it's in James name and SSN) with a business account I'm sure there's someway of having taxes be reported under the business oppose to a individual, just like how you can open a bank account for a business not just for individuals. Well if somehow James is fired from the business or retires and cease all association, to assure no back taxes or tax audits fall onto James there must be a way of him having the paypal business updated or corrected from using the outdated tax information that is on file with that particular business account.

I don't know the answers to this but I'm sure the professionals in the forums do, it's just a silent topic. Take a look at the picture sir.

https://qph.fs.quoracdn.net/main-qim...9b35fb6bb218e2

If James is the contact person, and retires or quits from the business I should be able to remove or replace his info from the business account, but I'm sure this is much easier said than done.

Re: Going from a Stealth to Legal PayPal Account
 

Elaborate.

Re: Going from a Stealth to Legal PayPal Account
 

Put it to you like this, if John and James create a eBay business and a business paypal account where both John and James have access to the accounts. Regardless of who registered the business accounts in whom's name, (Lets say it's in James name and SSN) with a business account I'm sure there's someway of having taxes be reported under the business oppose to a individual, just like how you can open a bank account for a business not just for individuals. Well if somehow James is fired from the business or retires and cease all association, to assure no back taxes or tax audits fall onto James there must be a way of him having the paypal business updated or corrected from using the outdated tax information that is on file with that particular business account.

I don't know the answers to this but I'm sure the professionals in the forums do, it's just a silent topic. Take a look at the picture sir.
--------------------------
go ask a lawyer,there is no professional here who can give you a definite answer,if you have made millions,you should be able to afford a few thousand dollars worth of lawyer fee

Re: Going from a Stealth to Legal PayPal Account
 

You know.... I never of it that way! (Sarcasm)

Let's just try not to respond if you can't be of assistance. The post was for the professional obviously you don't meet those expectations.

Re: Going from a Stealth to Legal PayPal Account
 

wow.
never heard of anyone who will turn down good advice like seek professional help .
I will just assume you made millions of peanuts,are you a peanut farmer?