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Old 03-09-2016
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Default How to deal with taxes when using family member paypal or info?

So I assume some of you use your significant other, family member or friend details ssn etc to use for a paypal


When it come tax time what is the proper way to handle it, I know it have to be paid but dont you give them $$ and the 1099 form and have them file with their 9-5 job income or whatever. Or do you separate it and do a separate it and file business return yourself for them..

will opening a llc and having both names you and the family member on it simplify things?
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Old 03-09-2016
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Default Re: How to deal with taxes when using family member paypal or info?

Stay away from family members. It will make your life easier...
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Old 03-09-2016
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Default Re: How to deal with taxes when using family member paypal or info?

^^ Agreed, it's just reckless (and identity theft) to use someone else's info. But if you've already done this, then yes they will have to include your 1099 when they file their taxes and pay taxes on your profits.

I recommend you stop using other's identity's and form some LLC's if you need tax ID's. I just filed my taxes for everything yesterday and it was wayyy easier than I ever imagined it would be. Taxes for my SSN + 2x EIN's were done in about 30 minutes and I only owe a little under a grand (including insurance penalty)..
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Old 03-09-2016
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Default Re: How to deal with taxes when using family member paypal or info?

Get a Tax Consultant in this case. Be up front about what you are doing and they will keep you our of trouble. If they are signing the return they make sure its all good
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Old 03-09-2016
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Default Re: How to deal with taxes when using family member paypal or info?

Financial professional is the right way to handle it - this stuff is beyond forum discussion
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Old 03-10-2016
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Default Re: How to deal with taxes when using family member paypal or info?

Just go stealth way, why you need to mess with your family?...
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