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Old 02-01-2019
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Default Using Family Member for New Account - TAXES

Question for all of you. I'm thinking of setting up a Seller Account under my Dad's name ( I don't think they'll get linked, I haven't lived with him for 20 years and I'm married so my last name is different). He's only used the account a few times to buy some items.

Is there any way that I can change the tax settings eventually so that I would have the taxes in my name and not his? He's retired and doesn't want to show any extra income.

We've also talked about him "owning the business" and he "hires" me as an employee and then I reimburse him for taxes.

It would just be so much easier to have the business in my name and taxes are my responsibility. Any suggestions? Thank you
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Old 02-01-2019
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Default Re: Using Family Member for New Account - TAXES

Yes you can easily update it later down the road
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Old 02-06-2019
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Default Re: Using Family Member for New Account - TAXES

Make sure all the info is different at first.
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Old 02-12-2019
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Default Re: Using Family Member for New Account - TAXES

I have done this with family members and my account fills out a form that transfers the income from the account to me. The IRS is happy to take it. you'll need an accountant though. I wouldn't recommend trying to do that yourself.
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Old 02-13-2019
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Default Re: Using Family Member for New Account - TAXES

You can also create a LLC and the 1099K will go to the EIN number. If you do that open the LLC with 2 members so your name is not associated with the EIN number, a sole member is named on the IRS document.
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