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Old 12-28-2010
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Default Irs and paypal with multiple accounts

Was just curious in 2011 if you have say 9 accounts going with all variations of your name with paypal and ebay and you go over the $20,000 or 200 transactions on a couple of them or all of them. I could see getting in huge trouble with the irs come tax season if paypal has to send tax forms to different addresses that all lead to your main name and the irs finds out. I have been audited before and hit for over $10,000 thanks to my ex, and it was not a fun experience. It took me 3 years to get the IRS to understand it wasnt my doing it was my ex and I still have to pay $4,000 to IRS and the interest is out of control with the IRS if you dont get it taken care of quickly.
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Old 12-28-2010
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From what I understand there will be a variation of a 1099 form submitted to the IRS from paypal on your behalf reporting gross receipts only. Paypal will need a tax ID and/or an ssn for this though, so if it's stealth, don't worry about it.


Talk to an accountant/tax attorney if you don't want to get in trouble with the IRS. This topic has been discussed before, many times. PAY YOUR TAXES!!!! Who cares if paypal is reporting gross receipts?
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Old 12-28-2010
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First of all its 20k and 200 transactions not or, and second of all your account wouldn't pass that amount without submitting a ssn so just stop around the 15-17 mark and also always report your taxes anyways.
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http://www.aspkin.com/forums/paypal-...mes-first.html
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Old 12-28-2010
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Quote:
Originally Posted by 123 View Post
First of all its 20k and 200 transactions not or, and second of all your account wouldn't pass that amount without submitting a ssn so just stop around the 15-17 mark and also always report your taxes anyways.
This is ridiculous for small time hobby sellers.... 200 items in a year is not that much. 16 tranactions a month. Oh but wait! I want to know about these new seller limits......

No one will be able to get around that, in a stealth fashion.
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Old 12-28-2010
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No it is both 200 transactions and over 20k. So you can do 100k in sales in 199 transactions and you are okay.
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Old 12-28-2010
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I have put a lot of thought into this, and I think the best thing to do - BASED ON THE INFORMATION WE HAVE AT THIS TIME - would be to keep every stealth account under the $20k mark, BUT to report honestly and pay the taxes .

That way, you are legal with the IRS and still under the radar with eBay.
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right right..... but your average sale amount is 100 bucks per item at 16.6 items per month
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Yeah its 20k and 200 transactions as I stated before, and heres a link to paypal blog talking about it

https://www.thepaypalblog.com/2008/0...ts-become-law/

So i mean this change shouldn't really affect anyone negatively, just have 2 or 3 other paypal accounts but still report your taxes honestly
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