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My minor children sold their 4-H Market animals at the local fair, They received a 1099MISC form. Do they file their own taxes at 11 & 13, & claim expenses?
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May 31, 2019
6:41 PM
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May 31, 2019
6:41 PM
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My minor children sold their 4-H Market animals at the local fair, They received a 1099MISC form. Do they file their own taxes at 11 & 13, & claim expenses?
Yes, they have to file their own tax returns.
May 31, 2019
6:41 PM
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My minor children sold their 4-H Market animals at the local fair, They received a 1099MISC form. Do they file their own taxes at 11 & 13, & claim expenses?
Yes, they have to file their own tax returns.
May 31, 2019
6:41 PM
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My minor children sold their 4-H Market animals at the local fair, They received a 1099MISC form. Do they file their own taxes at 11 & 13, & claim expenses?
Be aware the 4-H projects are usually treated differently than regular 'farming' income. It is usually reported as 'other income' and not as a business. This is one of the rare exceptions to 'other income' that you CAN report your NET income (after expenses). However, you may need to manually attach a list of income and expenses and file by mail.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/publications/p225/ch12.html#en_US_2016_publink1000218746">https://www.irs.gov/pu...>
<a rel="nofollow" target="_blank" href="https://www.irs.gov/publications/p225/ch12.html#en_US_2016_publink1000218746">https://www.irs.gov/pu...>
May 31, 2019
6:42 PM
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