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Old 02-08-2012
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Default Received a Federal Tax statement from paypal

in 2010 I was limited by paypal and had to setup a new paypal account in my fathers name with his permission, so for my 2010 taxes I just reported all of my paypal earnings on my tax return as my earnings even though the paypal account is under his name, all of the money went to me it was just in his name.

Now today I received this IRS 1099-K tax statement from paypal and my fathers name is on it and the paypal earnings are being reported to the IRS and if he does not include the paypal earnings on his tax return he could get into trouble, so I'm wondering if there is someway for me just to report the taxes on my return since I'm the one who got the money?

here is more info on this from paypal:

Last edited by cb3; 02-08-2012 at 04:45 PM.
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Old 02-08-2012
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you mean 2011?
Old 02-08-2012
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I would call the IRS and be truthfull and explain what has happened before things get out of hand and your father goes under investigation.
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Old 02-08-2012
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If PP is under ur dad's name, the statement is for him. He needs to file it.
Old 02-09-2012
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Your father now owes taxes on your MISTAKE.

Why did you sell so much to even get the statement. Did you not know the limits that have been posted here for a long time?

Why in the world would anyone need to abuse their family and friends like this when you can make a stealth account just as easy.
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Old 02-09-2012
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Arrange to discuss this as a matter of URGENCY with a tax professional to work out what to do.

Forum is not for tax matters
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