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  #1  
Old 09-13-2016
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Default Reaching the threshold on family member's account?

So because my personal paypal got limited a year ago, I had to make another paypal account under my father's name + social security to continue my online transactions through a video game. I'm just wondering, because i know nothing about taxes and all of that, what will happen when I reach the $20,000 threshold on that account? They say when that happens that they will send a 1099-k form, and I'm curious what would my father would have to do in this case? Because he has no affiliation with the business that I am doing, I'm just making a lot of money under his name.
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Old 09-14-2016
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Default Re: Reaching the threshold on family member's account?

Never use family members info. You are setting yourself up for a huge problem.
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Old 09-14-2016
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Default Re: Reaching the threshold on family member's account?

does he know about this?
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Old 09-14-2016
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Default Re: Reaching the threshold on family member's account?

Quote:
Originally Posted by Rorizm View Post
So because my personal paypal got limited a year ago, I had to make another paypal account under my father's name + social security to continue my online transactions through a video game. I'm just wondering, because i know nothing about taxes and all of that, what will happen when I reach the $20,000 threshold on that account? They say when that happens that they will send a 1099-k form, and I'm curious what would my father would have to do in this case? Because he has no affiliation with the business that I am doing, I'm just making a lot of money under his name.

Dont use his SS#, instead you can upgrade your paypal to a business account and use an EIN number which you will apply for with all your real details on the IRS website that way you wont be putting any financial tax responsibility on your family.

If you already added your fathers SS#, YOU can still add an EIN as well and it will ask which tax ID you would like to use for tax purposes
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Old 09-14-2016
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Default Re: Reaching the threshold on family member's account?

Family or friends info is never a good idea. All kind of problems can emerge from it. Add an EIN number is the best solution.
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