My friend found a bunch of old collectible stuff and said I could have half of what ever I sell. So I've been selling on web and ebay. I understand I will get a 1099 of some sort from paypal that I will need to declare it as income on my schedule C. But what form do I need to send to my friend to show I paid for half of the proceeds? Do I send a 1099 to him? Should he give me a W9 or something like that?
Just trying to figure this out. I will have about $30,000 in sales but only get half so need to cut my income down by half.
thanks