Re: My 17 year old son bought an inflatable compan...
Level 15

Get your taxes done using TurboTax

What type of company? it matters. A sole proprietorship? single member LLC? Multi-member LLC? S-Corp? C-Corp? Something else? This matters for correct reporting.

Everything is in my name

Define "everything" please. I assume you (not your son) paid for it and that you (not your son) signed any and all documents having anything to do with the purchase. Did this purchase involved a loan to purchase it? Did you pay for physical assets? Inventory? Good will?

Basically, if everything is in your name, your son purchased nothing. You did - at least when it comes to tax reporting.

Perhaps your son was under the age of 18 at the time of purchase in 2019? (That would explain why everything is in your name)

 

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