BringItBoy t1_iuijqmo wrote on October 31, 2022 at 4:26 PM

How much did you make on the sale compared to what you bought them for?

CoachK3 OP t1_iuijw88 wrote on October 31, 2022 at 4:27 PM

Total profit is about $1000. I don’t want to give my friend his $500 and then I get taxed on the entire amount, so I need to figure out what to pay him

BringItBoy t1_iuik7zk wrote on October 31, 2022 at 4:29 PM

A 1099 just means you made misc. income which is just income for yourself. What is your tax rate usually? Base it off that of course after deductions and other things.

CoachK3 OP t1_iuikec0 wrote on October 31, 2022 at 4:30 PM

Hmm ok I’ll have to ask my accountant. Was hoping for a a basic % to save for taxes, but that makes sense