@jsspbusiness wrote:
There was no 1099K issued
In that case, and assuming it was all passed on to the quartet and the quartet properly reports the income on its tax return, you can ignore it on your return, but keep all the paperwork for at least 3 years in case of audit (copy of the solicitation, record of funds received, proof it was all sent to the quartet, and so on.)
And I would really want to make sure the quartet's taxes are being reported properly. Your daughter should have some kind of tax paperwork from the quartet that is added to her personal return. If the quartet is not filing properly, all the members are at risk. For example, if the quartet is a partnership, it is required to file a form 1065 partnership return. The due date is March 15, not April 15 (unless they have an extension) and the penalty for late filing is $195 per month per partner.
