You'll need to sign in or create an account to connect with an expert.
There is a line on Sch C where you can write in other deductions. Write something like “Income passed through to other band members “. Of course your band members will have to report their share of the income.
to do this correctly IRS says:
"Nominee/middleman returns. Generally, if you receive a Form 1099 for amounts that actually belong to another person, you are considered a nominee recipient. You must file a Form 1099 with the IRS (the same type of Form 1099 you received) for each of the other owners showing the amounts allocable to each. You must also furnish a Form 1099 to each of the other owners. File the new Form 1099 with Form 1096 with the Internal Revenue Service Center for your area. On each new Form 1099, list yourself as the “payer” and the other owner as the “recipient.” On Form 1096, list yourself as the “Filer.”
Is the band a partnership? Or a bunch of independent contractors who sometimes hang out. If you are a partnership, that is a specific type of business and needs a specific type of tax return, even if it is not registered as a specific business structure (like an LLC or a corporation). The income and expenses go to the partnership and the pass-through income is reported on K-1 statements. You may want to discuss your situation with an accountant.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Alex012
Level 1
ARJ428
Returning Member
adrienvesely
Level 1
kfsj
Returning Member
lee31evans
New Member