My minor child made about $700 in 2024 from Youtube. And I received a 1099-MISC. I can write most of that income off as legit expenses directly related to producing Youtube videos. To the extent that the income would drop below $400.
I am looking for the easiest option for 2024 taxes that do not create problems beyond 2024.
- Could I pass only the income after expenses to my child and forego a return for him. So I would enter the 1099-MISC and expenses on a schedule C and reverse out the remainder under pub 929.
- Alternatively, I could keep it as my income and expenses and pay the nominal tax on it. But would this create a problem if I want to do it differently in future.
- And if I do pass the full $700 to his return, should I claim the expenses on his return? And do I need to issue him a 1099-MISC?
Thanks!
