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gcrusader92

01-10-2011 10:26 PM

PayPal and the IRS

So I have a begging question.

I created like many paypal accounts and verified them with prepaid debit card's bank.

I receive money with these accounts and usually send them to my main paypal accounts as "gift" to withdraw to my real bank.

Will I still have to report to the IRS even though I will exceed the $20k limit?

Technically these were "gifts"

lakeman

01-10-2011 10:32 PM

This thread will be closed any minute, this not a tax forum. You need to visit a tax accountant for that...

123	01-10-2011 11:17 PM

Doesn't matter if its labeled as a gift, it will be counted towards the 20k. As stated on paypal irq faq.

Bang	01-11-2011 12:27 AM

Quote:

Originally Posted by lakeman (Post 196021)

This thread will be closed any minute, this not a tax forum. You need to visit a tax accountant for that...

:pound::laugh::pound:

All times are GMT -5. The time now is 09:34 AM.

All times are GMT -5. The time now is 09:34 AM.