My wife has been using my eBay/Paypal account to sell things for a while. We've always paid taxes on any profits. This year, she's sold a bit more, and has taken over 20k in payments, and has also taken over 200 payments.So we're going to get a 1099 k next year, which is fine. As always, we plan to claim the profits minus the deduction anyways, which really isn't much (I believe).Click here to find out what our tax gurus said about G.H.927's concern. What do you think?
Here's the thing... I was laid off my job in July, and was on unemployment for a couple months. I did get hired (thankfully), and am now back to work.
I know that because the paypal/ebay accounts are in my name, the 1099 from paypal will come in my name. We're concerned about this for obvious reasons: I was on unemployment, but paypal is 1099'ing me "saying" I made money, when I didn't. The last thing i need is to get in trouble.
I did sell a few personal things here and there, but nothing that made a profit... more like a loss (which i'm not going to deduct btw...).
So in the event that we can't get the paypal account/1099 to come in her name... WHAT DO WE/I DO??
If we switch to a paypal business account, and then use the business contact name change by providing a copy of her social security, ID, etc... will that ensure the 1099 comes in her name?
Our bank acct. that is tied to paypal is a joint account. Not sure if that helps...
Thanks in advance,
George
Wednesday, November 16, 2011
Paypal 1099 Question/s
AskTaxGuru.com Junior Member, G.H.927, asked:
Labels:
1099 question,
paypal
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