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Sending from 1 paypal to another and filing tax from the other
 

Hello everyone
I am very grateful for this website, I am sure eBay and Amazon too since they probably come here often to reinforce their protocols (lol..)

I have a question regarding PayPal

If I use a PayPal account for Business X
but transfer the money from this PayPal to another PayPal that I have established with my LLC business and tax ID number (and pay taxes accordingly there) (because I don't want to use my established PayPal account for Business X)...

and they they ask me to show taxes for THIS PayPal account, can I tell them I transfer them first to my other PayPal account and then pay taxes? Will that be alright by them?
Or will my funds be stuck?

Thank you for any replies !! :clap:

Re: Sending from 1 paypal to another and filing tax from the other
 

who is they????????

Re: Sending from 1 paypal to another and filing tax from the other
 

You'd be able to explain yourself to tax authorities if they ever asked (since the account you're sending $ from will have sent out all the $ it ever took in), but I seriously doubt it's something Paypal is going to be alright with.

Re: Sending from 1 paypal to another and filing tax from the other
 

why should Paypal care which account will be reporting tax,he is in Israel,he should be Asking a local accountant in ISRAEL

Re: Sending from 1 paypal to another and filing tax from the other
 

I have no idea.

Re: Sending from 1 paypal to another and filing tax from the other
 

Hey thanks for your answer

I wasn't sure if this was a local accounting issue, or a general PayPal policy thing which is why I am asking here

It seems from your answer that as long as that income was filed properly with the tax authorities it should be fine.

I think PayPal mainly wants to see that you are conducting business legally and are not pinpointing that specific income from that PayPal account. Because they are required to do so by law.

So once they see my tax files, they will let me continue using that PayPal..

I hope it works out,

Re: Sending from 1 paypal to another and filing tax from the other
 

YEARS AGO,On Paypal forum,there were several precious metal dealers who got their accounts restricted by Paypal.
One is an Australian dealer,totally legit with their own brick and mortar shop and website in Australia,but they also sell on Ebay accepting Paypal.
They have $80K in their Paypal account when Paypal restricted,despite all the inquiries ,Paypal refused to release the fund,it took them 4 months and a lawyer to have the money released.
Without their Paypal account,they cannot sell on Ebay as their Aussie merchant account cannot work with Ebay gateway providers.(BACK THEn,ebay allows sellers to use their own merchant account)
Never find out the reason why,but it is odd for a capital intensive dealer in precious metal business leaving that much money in an account?
Another case is an Israeli metal dealer,Paypal restricted his account and locked up his money as well,I think Paypal wants to be sure he is not dealing in arms deals,you know metal??
So Paypal has to comply with laws on money laundering,anti terrorism ,all illegal activities.
you can read all about Paypal terms and agreement on its site.