El_Mero_Mero
All Star
Profile: Legal US Citizen living in New York City with no Vendor license or LLC (Vendor licenses seem to be difficult to get in NYC)
Hypothetical situation:
If I purchase 2000 pairs of sunglasses off AliBaba, and then re-sell it in the streets (no online) and make a $8,000 profit, I feel that I won't run into any IRS trouble as long as I'm not out there bragging about it. I could even go a step further and never deposit the cash into any of my bank accounts so that there is no paper trail (I'd slowly use the money for food, transportation, and other essentials).
My question is, would the IRS (or anyone else) raise questions like: "Hey, why did you, a single guy with no business and no ties to the community purchase 2000 pairs of sunglasses all at once?" Or is there no way for them to find out unless I'm out there bragging about that huge purchase I made?
Would the only solution be to have someone that is a licensed vendor buy the sunglasses pallet, and then for me to buy them from him for cash?
Hypothetical situation:
If I purchase 2000 pairs of sunglasses off AliBaba, and then re-sell it in the streets (no online) and make a $8,000 profit, I feel that I won't run into any IRS trouble as long as I'm not out there bragging about it. I could even go a step further and never deposit the cash into any of my bank accounts so that there is no paper trail (I'd slowly use the money for food, transportation, and other essentials).
My question is, would the IRS (or anyone else) raise questions like: "Hey, why did you, a single guy with no business and no ties to the community purchase 2000 pairs of sunglasses all at once?" Or is there no way for them to find out unless I'm out there bragging about that huge purchase I made?
Would the only solution be to have someone that is a licensed vendor buy the sunglasses pallet, and then for me to buy them from him for cash?