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If at the end of last year i was part owner of a small buisness would i have to claim that on my taxes

 
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ThomasM125
Employee Tax Expert

If at the end of last year i was part owner of a small buisness would i have to claim that on my taxes

You would likely need to report your share of company income or loss if you were part owner of a business. The only exception might be if you were a shareholder in a "C" or regular corporation. Otherwise, you would likely be a partner in a partnership or a shareholder in an "S" corporation. In either one of those situations, you should receive a Schedule K-1 from the business reporting your share of the company's income, loss and/or other pertinent tax information. You would use that form to make the required entries on your personal tax return.

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