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RD, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 8784
Experience:  MBA, CPA
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I had an ebay account but got kicked off. I was using my daughters

Customer Question

I had an ebay account but got kicked off. I was using my daughters account for the business but now understand that the 2011 IRS reporting has started for profits over $20,000 and 200 transactions. I do not want her to get stuck with the inference when the sales belong to me. I do have a business certificate but need to know what to do to keep selling but not have the tax burden fall on her because she is in college.

What can I do in this instance?
Submitted: 5 years ago.
Category: Finance
Expert:  RD replied 5 years ago.

RD :

Ideal thing to do would be to open an account for yourself.

RD :

Meanwhile, if there is reporting to her from ebay on Form 1099 than she needs to report it on her tax return but deduct the entire amount stating received as nominee and providing your SS# on the tax return. So, the net effect will be zero on her tax return and you will report the income.

RD :

This is ok for short term. But, you do need to work on setting up an account in your name or your business name.