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Old 10-12-2016
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Default Over 200/20000 with Family Account - Tax Issue

Hi guys,

I am in a bit of a pickle right now. Here's my situation.

I was suspended from eBay some over 10 years ago over feedback issue when my dropshipper fulfilled ordered too slowly. Since then I had used my brother's eBay account to buy stuff on eBay. I started selling some stuff about 2 years ago and in the recent year, things sort of taken off. I believe I will be over the 20,000 mark this year.

My question is can I registered as a business under my name and tie it to my brother's paypal account so that the 1099K (the Canadian version whatever it's called) will be recorded wtih the business and not my brother?

Last year, I didn't make too much. I reported as self-employment income for myself. I just want to make sure that I don't have anything mixed up with his tax stuff.
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Old 10-12-2016
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Default Re: Over 200/20000 with Family Account - Tax Issue

Leave your Brother out of your Business operations.
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Default Re: Over 200/20000 with Family Account - Tax Issue

Welcome to the forums Fice - as MM78 said, and just to elaborate, leave ALL family out of the business operations.

You are using Canadian paypal?
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Default Re: Over 200/20000 with Family Account - Tax Issue

I'd really like to, which is why I am asking. I would like to advice on how to separate him from it without losing the business. Ya I am using Canadian pp, but I hear in Canada eBay does report to the tax agency and I don't want it on his record or cause any trouble for him.

I just want to pay my own taxes normally.
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Default Re: Over 200/20000 with Family Account - Tax Issue

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Originally Posted by Fice View Post
I'd really like to, which is why I am asking. I would like to advice on how to separate him from it without losing the business.
1st. Get the Ebay stealth guide
2nd. Buy OR Make your own Stealth Accounts
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Default Re: Over 200/20000 with Family Account - Tax Issue

I've done both but it's incredibly hard to transfer my business over to stealth because of the sheer number of listings that goes into the thousands I have on the account.

Furthermore, I would like to avoid stealth if at all possible for the ease of reporting taxes.
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Default Re: Over 200/20000 with Family Account - Tax Issue

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Originally Posted by Fice View Post
I've done both but it's incredibly hard to transfer my business over to stealth because of the sheer number of listings that goes into the thousands I have on the account.
So start new businesses.

Quote:
Furthermore, I would like to avoid stealth if at all possible for the ease of reporting taxes.
So your saying that you can't possibly file taxes with stealth? also, you do realize that this forum mainly covers stealth accounts.....also, a ton of people run stealths AND file their taxes without issues, hope you know that.
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Default Re: Over 200/20000 with Family Account - Tax Issue

I do have a stealth account and file taxes for it. But's it's not that much so I just put it under self-employed miscellaneous income. But how do people file taxes for stealth accounts that generate over 20k in gross sales?

I looked around very long on the forum for advice but all I seen so far is recommendations to spread your sales across multiple accounts so that it doesn't surpass 20k. That's fine I suppose. But the disadvantage to that is that it not only harder too many stealth accounts but it's beneficial to operate larger eBay accounts in some instances for better product placements and anchor store discounts on listing fees.

Hence, I been thinking if it's possible to set up multiple sole proprietorship for each stealth account and add the business number to eBay and paypal. That way the 1099k gets sent to your business and not some non-existent stealth identity. I haven't seen this idea pitched by anyone yet. I wonder if I am missing something and that maybe it wouldn't work.
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