TAX Question

[louieslimane]

I've been using a friends paypal business account to make sales for e-commerce. i've made over $45k in sales and going to need to report that soon. How could i transfer those sales and report them under my name?

[rsot]

Welcome to the forum - all the best as you master stealth

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Does your friend know about this? You can't just simply "transfer the sales" - speak to your friend and a financial professional

[phaz0rz]

lol wat?






Unless you can somehow bill your friend for all $45k you've taken in, zeroing out his income and transferring it all to you, this probably can't be done. I'm assuming it would be easier to just report it on a schedule C on your buddy's tax return. It's not very hard.

[agent006140]

talk to your accountant,there are sellers who sell for others for a fee (consignment)

[agent006140]

Originally Posted by phaz0rz

lol wat?






Unless you can somehow bill your friend for all $45k you've taken in, zeroing out his income and transferring it all to you, this probably can't be done. I'm assuming it would be easier to just report it on a schedule C on your buddy's tax return. It's not very hard.

that will not be fair to his friend.

[phaz0rz]

Originally Posted by agent006140

that will not be fair to his friend.

Selling under his friend's identity is what isn't fair. Having his friend have a tax liability for income that wasn't his isn't fair.

Transferring all of the income from his friends identity to his own is the only fair way to go about it. Either that, or OP has his friend report the income and then pays his friend whatever taxes are owed on it.