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Old 05-06-2014
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Default Freaking out about TAXES!

I am freaking out about taxes and the IRS. With having multiple accounts, withdrawing thousands of dollars to MY BANK ACCOUNTS from eBay & Paypal accounts in stealth names.. Is this frowned upon with the IRS ? What can I do?
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Default 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!
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Old 05-06-2014
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Default Re: Freaking out about TAXES!

The IRS does not care how many accounts you have, only that your revenue is properly reported and the taxes due are paid. Setting this up correctly is best handled by a tax professional. The forum really does not give tax advice as it is not our specialty.
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Old 05-07-2014
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Default Re: Freaking out about TAXES!

Quote:
Originally Posted by MikeB66 View Post
I am freaking out about taxes and the IRS. With having multiple accounts, withdrawing thousands of dollars to MY BANK ACCOUNTS from eBay & Paypal accounts in stealth names.. Is this frowned upon with the IRS ? What can I do?
You seek professional tax assistance for taxes, not a forum.

To start, read over the below site

Internal Revenue Service

Free to use and user friendly.

Pay careful attention to the info given by jeffweico.

IRS want amounts of money, not names....

It is doable.

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Old 05-07-2014
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Default Re: Freaking out about TAXES!

I also concur with the advise already given by Jeff, I also have Mulpitle Tax ID's, but my accountant handels it all for me completely legit and legal, I report EVERYTHING and PAY my taxes, and I advise you to contact a Tax Professional and do the SAME
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Default Re: How do you pay taxes on multiple Stealth Accounts?

i have the same problem with you, hope anyone can help!!!
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Default Re: How do you pay taxes on multiple Stealth Accounts?

UPDATE:

Went & saw an accountant today, they confirmed the IRS does not care whose name you sell it in. As long as you dont mess up and get the 1099 sent out on PayPal (using someone elses info), you are good to go. Just pay taxes on what hits your bank account and you are good.

Last edited by GreenBean; 05-08-2014 at 05:35 AM.
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Old 05-08-2014
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Default Re: How do you pay taxes on multiple Stealth Accounts?

You have a duty of care to those friends whose name you used.

You must ensure they are covered for the IRS as well.

Their name is on the transactions. The IRS will go after them for issues.
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Old 12-23-2016
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Default Re: How do you pay taxes on multiple Stealth Accounts?

MikeB66 - What happens if I mess up and paypal sends the 1099 to a false name/false address on my stealth account?
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Old 12-27-2016
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Default Re: How do you pay taxes on multiple Stealth Accounts?

First of all you can download your 1099 right from your paypal account, second the names/addresses are really NOT that important BUT who the Tax ID # leads to is.
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Old 12-27-2016
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Default Re: How do you pay taxes on multiple Stealth Accounts?

Do you have to pay tax if you're not us citizen but use usa bank?
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Old 12-27-2016
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Default Re: How do you pay taxes on multiple Stealth Accounts?

If you are using a USA Bank in the United States you would have to have a U.S. Tax ID Number, if that is indeed the case then yes you need to pay Taxes to Uncle Sam, if you are outside of the USA, then honestly I do not Know.
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