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Taxes
I’m selling some trading cards for a friend and I don’t want to be taxed for this. How would I make sure he gets the tax forms and I don’t? The cards are already sold and I wasn’t aware of this until too late. Thanks for any advice
3 comments
golfingaddict
Mentor2 years agoIf you are a business and are selling for someone else, the IRS has options to report the payments you will make to the owner of the cards,
I highly recommend that you speak with a tax specialist to get the details and make sure you are doing things correctly.
If you sell them on this account, you will get a 1099-K for sales (at this point the cut off is $600)
Ask your tax specialist (accountant, tax preparer etc) about issuing a 1099-misc to report the money that you pay to that friend.
travelandtreasure
·2 years agoHello @creative_2115
For tax issues, we are not able to give advice as we're not professional tax advisors. My take is that as the registered seller, you are responsible for the taxes on the items you sell, no matter who it was sold for. You will need to pay the taxes on the item, and maybe you can take those taxes out of the proceeds given to your friend.
rfmtm
Mentor2 years agoYou should have sold them on your friend'ss account instead of yours. However, since you didn't you will just have to take care of it when you do your taxes at the end of the year.