Proud_Toes16 | 04-10-2021 08:05 AM | Re: I think I'm ready to stealth - how am I looking? Quote:
Originally Posted by Ebayorbust
(Post 1148811)
Of course it will.
He'll be liable to pay tax on all of the profits of your selling activities. | I'm only going to use the bank account he set up for this eBay account.
At the end of the year when the tax man comes knocking my friend will have a 1099 tax statement form from eBay. He'll file a profit and lose from business form with his tax return. He'll report the amount of money received from eBay, minus all of the fee's that were paid for subscriptions etc.
The remaining balance will be reported to me on a 1099 form as income.
Leaving my friend with no tax liability.
When I do my taxes I'll use the amount from the 1099 as income to me, I'll take my normal reductions.
Would this work? I can't find any posts relating to my situation on the forum, I'd love to learn more!!
Thanks for giving me your time! |