MikeB66 | 05-06-2014 09:21 PM | How do you pay taxes on multiple Stealth Accounts? Ok, I have 3 eBay/Paypal accounts, all in friends names, and all linked to bank accounts in MY NAME.
I withdraw thousands every month to my bank accounts.. I know the IRS can see this and I know I need to pay taxes on it.
So.. I keep spreadsheets with everything on it.. (Bought for, Sold for, Profit after fees, etc..)
My question is, how do I go about paying taxes on income from Paypal accounts not in my name? Do I just add it all up on one spreadsheet and present it to my accountant? As long as I don't go over 200 items and $20,000 on each account, Paypal will not send the real account owner a 1099 right?
And as long as everything adds up from my bank accounts and my spreadsheet, (which it will, i'm not trying to piss the IRS off.) I should be good right?
Just a quick review..
-Multiple accounts in different names linked to my bank account
-Wanting to legally pay taxes on all the income
-Worried that the accounts being in different names could be illegal or get me into some kind of trouble
Thanks! |