USA Daughter used my PayPal for her business. How to file taxes?

[Morgan Cameron]

My daughter used my PayPal account while she was selling off her remaining inventory (she went out of business with LuLaRoe). PayPal sent me a 1099k for $37k. I found some discussions saying that I shout send her a 1099-Misc for the same amount. I did this. It also said to call this exact same amount a "consulting fee" to zero it out for me, since it was not my business or my income. Does this seem correct? I already sent the 1099-misc so I don't really have a choice anymore but where do I put this on my personal taxes?

 

[Drmdcpa]

You could have simply identified it as a nominee recipient, but since you sent a 1099 to her, report yours and then deduct the one you sent to her.

 

[Morgan Cameron]

You could have simply identified it as a nominee recipient, but since you sent a 1099 to her, report yours and then deduct the one you sent to her.

Thank you for the response. Do you agree that I should call it a "consulting fee"? Also, any idea where that is entered on my tax forms?

 

[Drmdcpa]

No I do not agree. I think you should call it giant purple thingy.