2011 IRS reporting What is the best thing to do????

[KingRay]

I am getting close to my $20,000 mark and am starting to panic. My paypal account is in my 18yr old sons name(he knows this) but I dont want to have any tax burden on him. We did not use his SSN though when opening the account. The bank account is in my real name/info.

Is there any way that I can "officially" go into business with a tax number and paypal/ebay not know its really me since I have been kicked off in the past with my real information? I am hoping I can start a legit business entity with a business name and Not my own. That to me is my only way to get this going correctly.

by the way, how will paypal even be reporting it with no ssn, or are they going to require it on accounts that reach the 20k mark?


Someone please help me on this. I am really starting to panic. I guess I didnt start understanding the reporting thing until now.

[KingRay]

You can go stealth all day long but when you hit the 20k mark you have to show them something legit right?

I have had closed accounts on ebay and paypal in both mine and my wifes names. All have had some BS that has happened and I got them closed. Usually some huge chargeback or something. I had to use my sons name with some BS address to get it back on.

What I want to do is start over and do it with a business EIN and do it correctly like a business would do and not just as a hobby.

I could do the stealth but really you have so have some legit"ness" to it for it to really work.

what would you do? just start another stealth account?. I sell in a niche market and I would like to keep using my ebay account. I have had No problems thusfar with ebay or paypal on this one and would like to keep it that way. I have a bout a 700 feedback number on it and am doing pretty good with it. I am just worried about the 20k reporting being in my sons name.

[Sandy D]

Originally Posted by KingRay

You can go stealth all day long but when you hit the 20k mark you have to show them something legit right?

I have had closed accounts on ebay and paypal in both mine and my wifes names. All have had some BS that has happened and I got them closed. Usually some huge chargeback or something. I had to use my sons name with some BS address to get it back on.

What I want to do is start over and do it with a business EIN and do it correctly like a business would do and not just as a hobby.

I could do the stealth but really you have so have some legit"ness" to it for it to really work.

what would you do? just start another stealth account?. I sell in a niche market and I would like to keep using my ebay account. I have had No problems thusfar with ebay or paypal on this one and would like to keep it that way. I have a bout a 700 feedback number on it and am doing pretty good with it. I am just worried about the 20k reporting being in my sons name.

I am totally against using a family members information. What if it goes down and in the future he wants to have his own account?

If you are getting close then it is time to shut it down and stop selling. Sorry but you will either get limited which will do you no good at all or you will have to give them your sons SSN which would be wrong to do so.

If you have a niche market then it should not be any problem selling on several stealth accounts to spread it out.

You lose either way getting close to the 20k mark.

Time to get the Stealth Book and get some accounts created so you can be ready with no limits after 90 days of selling.

If you keep selling you cannot win either way with this account because of the 20k issue.

[KingRay]

I have had the Stealth Book for over a year now. probably 2 years.

Why cant I just get the EIN number under a new LLC business and open a new paypal account as a business entity? I am pretty sure i can do that. I need to read up more on EIN's and how they work in the business world.

I am pretty sure I can start the business under a completely new name open a new paypal account with it and just keep selling under my stealth ebay account. Doesnt that sound okay? That way nothing would be the same as the paypal account now so there is no linking mess. The account would still be open but not used for anything.

[GreenBean]

Once you attach another paypal to an ebay account you make a link.

Have you spoken to a tax accountant? Soon as you can find out abour EIN & what to do,.

This has been public for months. Did you ignore it?

http://www.aspkin.com/forums/ebay-di...-tax-year.html

[KingRay]

Not so much ignored it as put it off. Yeah Yeah, I know....... I have a bout 1-2 months worth of selling to do before I hit the 20K so I will talk to a tax person.

I can get the EIN number no problem, I just want to make sure that if I just go with a Brand new Paypal business account that will be enough instead of a ssn because I am thinking that I used an SSN on a long gone past account. I have checked into it a little and dont see how paypal would ask for a ssn on a business account. Just the lower teir accounts. especially a LLC type business. I doubt walmart or someone like that has a single ssn listed on paypal right?.

[KingRay]

One more thing. What about my good standing eBay Stealth account? can I use that with a new paypal business account? And just forget about my other one that I have now? Or will ebay say I was using another account and since now I am linking a business account to my ebay listings it would just connect them all?

I am not worried about getting a linked account on paypal in the sense they will get shut down but more worried about them linking them and totalling the 20k on them both.
My new Business account will have Nothing by way of information that will look familiar to the premier I have now so I dont see how they would link them really.

[phalz15]

This is something I am interests as well. I have a sole-proprietorship and a corresponding ein. If I create a paypal account as a business And enter me ein, would I be prompted fOr my Ssn as well? I know this wAs covered in the Stealth Book, but briefly