Guest
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 Posted:
Thu Oct 27, 2005 8:01 am Post subject:
Re: Collecting money for someone online |
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Let's see if I have this right. Your friend does not want
to, or cannot, set up a PayPal account. You will allow him
to use your PP account, but he will not even pay you back
the cost of the fees. (Or, rather, let you deduct the PP
fees and cost of the wire from the $5K you collect from
him.) These fees are not part of your business, but you
want to deduct them from your income.
Let me think - OK, done thinking. The answer is NO, you
cannot deduct these non-business fees on your business tax
return. Further, you cannot deduct these fees on any kind
of return you can name. They are personal expenditures and,
frankly, you know it.
But let me take a wild guess. When you get audited by the
IRS, you'll be "honest" with the agent and admit that the
expenses really weren't yours. (Reference to "Small Income"
post you asked a while back.) Heck, he'll probably just slap
you on the back and give a hearty laugh while he says, "Good
try!!"
Since you clearly did not want to take the advice given on
the Small Income question you had, and since you clearly
want to continue to ask if you can *_____* (insert nice word
for cheat) on your income tax return, the advice I am giving
myself and to other MTM participants is to ignore your
posts.
I would normally suggest that you post on the unmoderated
misc.taxes, but you already did post this question there on
10/13 and you saw what that devolved into. As you can see,
there really is no place for posts like this.
Peter C. Gatto, CPA
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