Selling friends estate items for beneficiaries, should separate account be set up or use my store?
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
‎02-26-2023 12:46 PM
I have about 40 or 50 items from friends estate of which I am the executor. Most items are 1 to $200. but there is one that will be over $5,000. And I also have a friend who just closed his bookstore and asked me to sell some stuff for him. Trying to find out what the best option would be...to sell from my store or open new store or stores for both?
Thanks for your kind guidance.
Selling friends estate items for beneficiaries, should separate account be set up or use my store?
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
‎02-26-2023 12:51 PM
@ur2bu I would open separate stores to keep bookkeeping, ie sales, costs, income taxes due, etc and to make it very clear should questions, concerns arise.
FYI- if only our 'friends' and 'family' knew how complicated and how much work it is to run an ebay store 🙄
I've declined so many requests to sell this and sell that, I just tell them to sell it from their own ebay account or open an ebay account and sell it that way
Selling friends estate items for beneficiaries, should separate account be set up or use my store?
- Mark as New
- Bookmark
- Subscribe
- Mute
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
‎02-26-2023 01:17 PM
Keep in mind you are responsible for the taxes at the end of the year. This is considered income and you will receive a 1099 and you will be responsible for filling out your taxes with this income. You will also be responsible for any returns, fees, etc.
Volunteer Community Mentor