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  #1  
Old 02-20-2020
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Default Paypal tax’s

So say you buy stealth account with PayPal account with it when the time comes do you pay taxes since it doesn’t have your real information?
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Old 02-21-2020
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Default Re: Paypal tax’s

why wouldn't you?
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Old 02-21-2020
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Default Re: Paypal tax’s

WHERE does the money go?
if you transfer to your bank account in your real name,then state and federal auditors will ask where does it come from and why arent you reporting?
if you reach 20K and 200 transactions,where should Paypal send 1099K ?and whose SSN will you be giving to Paypal?
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Old 02-21-2020
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Default Re: Paypal tax’s

There used to be a lot more info about this on the forum when there were more serious sellers here. Those days are gone.

This is how it's done:
- buy account
- sell on account
- apply for EIN from IRS.gov
- put EIN into Paypal, upgrading it to business account
- 1099K is created with your EIN as the tax ID
- take 1099k to your accountant, or use it yourself, or however you do your taxes
- use the 1099k to report your business income on the Schedule C part of your personal tax return
- deduct business expenses to come up with your net profit
- pay taxes on net profit.
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