PayPal and the IRS

[gcrusader92]

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]

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

[123]

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

[Bang]

Originally Posted by lakeman

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