Sending from 1 paypal to another and filing tax from the other - eBay Suspended & PayPal Limited Forums
eBay Suspension & PayPal Limited Forums  
Join Today
Register Subscribe
     

Registration is fast, simple and absolutely free so please, join our community today!


Go Back   Home > Marketplace Discussions > PayPal Talk

PayPal Talk PayPal Forums. General issues related to PayPal.

Reply
 
Thread Tools
  #1  
Old 5 Days Ago
Junior Member
 
Join Date: Jul 2019
Posts: 7
Thanks: 1
Thanked 0 Times in 0 Posts
Activity: 10%
Longevity: 1%
iTrader: (0)
Default 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 !!
Reply With Quote
The complete step-by-step guide to get back to selling today!

  #2  
Old 5 Days Ago
agent006140's Avatar
Senior Member
 
Join Date: Jul 2018
Posts: 3,736
Thanks: 451
Thanked 318 Times in 286 Posts
Activity: 97%
Longevity: 9%
iTrader: (0)
Default Re: Sending from 1 paypal to another and filing tax from the other

who is they????????
Reply With Quote
  #3  
Old 5 Days Ago
phaz0rz's Avatar
Senior Member
 
Join Date: Nov 2015
Posts: 8,409
Thanks: 1,684
Thanked 2,956 Times in 2,235 Posts
Activity: 92%
Longevity: 30%
iTrader: (2)
Default 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.
__________________
____________
_______
___
Reply With Quote
  #4  
Old 5 Days Ago
agent006140's Avatar
Senior Member
 
Join Date: Jul 2018
Posts: 3,736
Thanks: 451
Thanked 318 Times in 286 Posts
Activity: 97%
Longevity: 9%
iTrader: (0)
Default 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
Reply With Quote
  #5  
Old 5 Days Ago
phaz0rz's Avatar
Senior Member
 
Join Date: Nov 2015
Posts: 8,409
Thanks: 1,684
Thanked 2,956 Times in 2,235 Posts
Activity: 92%
Longevity: 30%
iTrader: (2)
Default Re: Sending from 1 paypal to another and filing tax from the other

Quote:
Originally Posted by agent006140 View Post
why should Paypal care which account will be reporting tax,he is in Israel,he should be Asking a local accountant in ISRAEL

I have no idea.
__________________
____________
_______
___
Reply With Quote
  #6  
Old 3 Days Ago
Junior Member
Threadstarter  
 
Join Date: Jul 2019
Posts: 7
Thanks: 1
Thanked 0 Times in 0 Posts
Activity: 10%
Longevity: 1%
iTrader: (0)
Default Re: Sending from 1 paypal to another and filing tax from the other

Quote:
Originally Posted by agent006140 View Post
why should Paypal care which account will be reporting tax,he is in Israel,he should be Asking a local accountant in ISRAEL
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,

Last edited by remyjacobspublishing; 3 Days Ago at 11:07 AM.
Reply With Quote
  #7  
Old 3 Days Ago
agent006140's Avatar
Senior Member
 
Join Date: Jul 2018
Posts: 3,736
Thanks: 451
Thanked 318 Times in 286 Posts
Activity: 97%
Longevity: 9%
iTrader: (0)
Default 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.
Reply With Quote
Reply



Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
eBay/PayPal | Filing Taxes? Michael17 eBay Discussion! 5 01-05-2019 11:04 PM
Does filing a chargeback against a seller on PayPal? Help lulbert PayPal Talk 10 05-04-2016 03:16 PM
Filing a dispute within 180 days on Paypal? secret storm PayPal Talk 9 06-16-2015 04:31 PM
Filing Taxes ( Paypal & ebay) gtzshotta PayPal Talk 1 03-05-2013 05:43 PM


Aspkin Group

All times are GMT -5. The time now is 06:13 PM.


Stop the guessing games and learn how you can quickly and easily get back on eBay today!
Read the best selling step-by-step eBay Suspension guide eBay Stealth!
Amazon Suspension? Read Amazon Ghost to get back on Amazon!
vBulletin® Copyright ©2000 - 2019, Jelsoft Enterprises Ltd.
Ad Management by RedTyger
no new posts