Selling for someone else

[frombuytobuy]

I’m on managed payments and I’m a private seller.  My account is under my social security number and bank account.  I sell for another person mostly.  Does anyone know if I can change my account over to him for tax purposes since it’s his income and not mine?  He’s a family member.  I don’t want to start over with a new account and lose my ratings and feedback.   I’ve seen that there is a multi-user function, but I don’t know how it works.  Can a multi user account have more than one S.S.N. on it?  I sell some of my own items too.  Any advice?

[jayjaspersgarage]

Let's keep it simple.  I doubt you can mix SSN's with your account.  It won't work.  When I used to sell for other people, which I haven't done for seven years, I would take 10% off the top if it was coins and do a 50-40 split on the remaining profits so their part of the taxes was more than covered.  Otherwise it was a 60-40 split.  I stopped selling for other people when it became a hassle.

If they balked I would let them know where the local antique store was than gave the exact same 60-40 split where I take small to medium sized antique or unique furniture I bought at huge discounts on Sunday afternoons at estate sales.  The beauty of Sunday estate sales was that I could load the item once and drop it off less than an hour later at the consignment store.  No storage required.

[bearswatching]

You should really talk to an accountant. My instincts say the IRS will not accept any explanation of selling for others. It all goes under your SSN, therefore your income. Why not teach the person you are selling for how to do it themselves?

[releasethekraken_1]

You're selling on consignment; it doesn't matter that it's for a family member, unless it's your spouse or dependent child. Any competent tax accountant should be able to tell you how to report the income and deduct expenses and the payout to the property owners. You're not doing anything unique; you just need a bit of help to set up and report things properly.

[Anonymous]

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@bearswatching wrote:

You should really talk to an accountant. 

@releasethekraken_1  wrote:

Any competent tax accountant should be able to tell you how to report the income 

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Wise advice