Do I need 20 bank accounts? Long time member coming back for help

[stang1101]

Been away from these forums for a while (since 2008), but looking to do some selling again. I already have eBay Stealth and it was on my old computer, but from my recollection BOA was one of the best banks to use with PP.

1. My question is lets say I had 20 PP accounts, whats the best way for taking the money out of them without having to have 20 bank accounts. I gotta believe the IRS will notice people who have so many bank accounts from tracking their SSN#

2. Can I re-use a bank account # on another PP?

thanks guys

[biggunn]

Originally Posted by stang1101

Been away from these forums for a while (since 2008), but looking to do some selling again. I already have eBay Stealth and it was on my old computer, but from my recollection BOA was one of the best banks to use with PP.

1. My question is lets say I had 20 PP accounts, whats the best way for taking the money out of them without having to have 20 bank accounts. I gotta believe the IRS will notice people who have so many bank accounts from tracking their SSN#

2. Can I re-use a bank account # on another PP?

thanks guys

1. You need to have a unique bank account for each PP account.

2. Bank accounts cannot be used on more than 1 PP account.

I would just have a whole bunch of bank accounts.. I know a lot of people who do. I have tons and I don't worry about the IRS.

But... If you are going to be making 10K per month or something like that you should just be paying your taxes on it...

[oblong]

Don't the sellers here provide accounts already as VBA?

[BiN4RY]

I still prefer to verify the accounts using VBA, and then send the funds little bits at a time to other accounts

[GreenBean]

Originally Posted by stang1101

Been away from these forums for a while (since 2008), but looking to do some selling again. I already have eBay Stealth and it was on my old computer, but from my recollection BOA was one of the best banks to use with PP.

1. My question is lets say I had 20 PP accounts, whats the best way for taking the money out of them without having to have 20 bank accounts. I gotta believe the IRS will notice people who have so many bank accounts from tracking their SSN#

2. Can I re-use a bank account # on another PP?

thanks guys

Hello, stranger!! Been a long time.

Now if you are doing that much with paypal, you would not be having 20 bank accounts. You would operate differently.

So have you a defined plan yet? (rsot will come along & want to know that, Ha).

Since the IRS mandated the payment processors report earnings, the gaps have pretty much closed up. You need to know that for your future

[rsot]

I would not recommend you even try to re-use a bank account on another pp. Most of the time, it will not work.

[stugots]

what I have been doin as of late is, opening what I call a clean cut pp account, (no ebay attached to it) have all my accounts send to it (not gift) and let that 1 account withdraw

[biggunn]

Originally Posted by stugots

what I have been doin as of late is, opening what I call a clean cut pp account, (no ebay attached to it) have all my accounts send to it (not gift) and let that 1 account withdraw

If you send to the 1 account with all of your other accounts then that creates a link between them all...

[stugots]

has not happend as of yet.

also you can NEVER gift them, just send as in purchase