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Tax Year Prior to 2020: I co-own a business with my son and I wasn't paid anything and he files those returns separately. what do I do?
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June 4, 2019
9:18 PM
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Get your taxes done using TurboTax
If you co-own a business with your son, he should file those taxes separately (as you said) as a Partnership or an S-Corporation, if the business has elected to be taxed that way. He should send you a Schedule K-1 to report on your personal tax return. He should also receive a Schedule K-1 from the business to report on his tax return.
June 4, 2019
9:18 PM