Jul
I want to thank you for your answers in my first question.
http://answers.yahoo.com/question/;_ylc=…
Here, I just want to explain that the source of the income, so you can comprehend and help me easier.
I’ve a friend in Vietnam. He's trying to sell stuff on ebay but PayPal in Vietnam doesn't really work and not everybody have Credit/Debit card also.
So, he wanted to borrow my PayPal and begin selling things on ebay and amazon, and at the end of the month, I'll help him send the money in PayPal to him.
**First: The money in PayPal which is transfer to my Bank isn’t 100% income (you need to minus this to the capital money to get the income, right?)
**Second: This isn’t my money, this is his money. Even though I know I’ve to have responsibility for the money in my account >.<
——–
So, what do you state? … I hope my situation isn’t really complicated.
Answer:
Your situation is very complicated. The IRS will not state “oh okay, as long as you're just helping out a friend”. The state you live in may also be owed tax. At the very least they will say you’ve undeclared income on which you owe not only taxes but interest and penalties. They may even say you’re laundering money. I wouldn't worry about the tax consequences as much as I'd be worried about possible criminal consequences. Make an appintment with an accountant or at the least call the IRS, without giving your name, and get some advice.
Answer:
that old “I'm only doing it/holding it/keeping it” for a friend excuse didn't work on your mother either. All the government sees is you are getting money that they weren't given their cut of.
please pay attention to Valerie's response and get yourself out of this situation ASAP. Let your friend open his own paypal account.
Answer:
Bad idea. Never get involved with friends or family when it comes to money. At the end, you’ll get burnt. Book Mark it-> del.icio.us | Reddit | Slashdot | Digg | Facebook | Technorati | Google | StumbleUpon | Window Live | Tailrank | Furl | Netscape | Yahoo | BlinkList