topic My 17 year old son bought an inflatable company. Everything is in my name so how do I add this income to my taxes? in Get your taxes done using TurboTax https://ttlc.intuit.com/community/taxes/discussion/my-17-year-old-son-bought-an-inflatable-company-everything-is-in-my-name-so-how-do-i-add-this-income/01/1267468#M458564 Wed, 04 Mar 2020 17:09:01 GMT eieio3 2020-03-04T17:09:01Z My 17 year old son bought an inflatable company. Everything is in my name so how do I add this income to my taxes? https://ttlc.intuit.com/community/taxes/discussion/my-17-year-old-son-bought-an-inflatable-company-everything-is-in-my-name-so-how-do-i-add-this-income/01/1267468#M458564 Wed, 04 Mar 2020 17:09:01 GMT https://ttlc.intuit.com/community/taxes/discussion/my-17-year-old-son-bought-an-inflatable-company-everything-is-in-my-name-so-how-do-i-add-this-income/01/1267468#M458564 eieio3 2020-03-04T17:09:01Z Re: My 17 year old son bought an inflatable company. Everything is in my name so how do I add this income to my taxes? https://ttlc.intuit.com/community/taxes/discussion/re-my-17-year-old-son-bought-an-inflatable-company-everything-is-in-my-name-so-how-do-i-add-this/01/1267492#M458570 <P>You don't. &nbsp;Income earned from working or performing a service is always reported on a person's own tax return in their own name, even if they are someone else's dependent.</P> <P>&nbsp;</P> <P>The only time you would report a dependent's income on your own tax return is if the only source of income is unearned (that is to say, investments and other passive income from investments placed in a child's name) below a certain dollar amount.</P> <P>&nbsp;</P> <P>Note that in Turbotax online, each account can only file one tax return for one person. &nbsp;You will need to make a separate account for a second return. &nbsp;And the second account will charge separate fees, unless you qualify for free filing. &nbsp;If the income from business is less than $36,000, you will want to use the IRS FreeFile edition of Turbotax, since it includes the self-employment forms that regular Turbotax will charge extra for.&nbsp;</P> <P><A href="https://freefile.intuit.com" target="_blank">https://freefile.intuit.com</A></P> Wed, 04 Mar 2020 17:14:13 GMT https://ttlc.intuit.com/community/taxes/discussion/re-my-17-year-old-son-bought-an-inflatable-company-everything-is-in-my-name-so-how-do-i-add-this/01/1267492#M458570 Opus 17 2020-03-04T17:14:13Z Re: My 17 year old son bought an inflatable company. Everything is in my name so how do I add this income to my taxes? https://ttlc.intuit.com/community/taxes/discussion/re-my-17-year-old-son-bought-an-inflatable-company-everything-is-in-my-name-so-how-do-i-add-this/01/1267506#M458578 <P>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.</P> <P><EM><STRONG>Everything is in my name</STRONG></EM></P> <P>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?</P> <P>Basically, if everything is in your name, your son purchased nothing. You did - at least when it comes to tax reporting.</P> <P>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)</P> <P>&nbsp;</P> Wed, 04 Mar 2020 17:16:48 GMT https://ttlc.intuit.com/community/taxes/discussion/re-my-17-year-old-son-bought-an-inflatable-company-everything-is-in-my-name-so-how-do-i-add-this/01/1267506#M458578 Carl 2020-03-04T17:16:48Z
This XML file does not appear to have any style information associated with it. The document tree is shown below.
<rss xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:rdf="http://www.w3.org/1999/02/22-rdf-syntax-ns#" xmlns:taxo="http://purl.org/rss/1.0/modules/taxonomy/" version="2.0">
<channel>
<title>
topic My 17 year old son bought an inflatable company. Everything is in my name so how do I add this income to my taxes? in Get your taxes done using TurboTax
</title>
<link>
https://ttlc.intuit.com/community/taxes/discussion/my-17-year-old-son-bought-an-inflatable-company-everything-is-in-my-name-so-how-do-i-add-this-income/01/1267468#M458564
</link>
<description/>
<pubDate>Wed, 04 Mar 2020 17:09:01 GMT</pubDate>
<dc:creator>eieio3</dc:creator>
<dc:date>2020-03-04T17:09:01Z</dc:date>
<item>
<title>
My 17 year old son bought an inflatable company. Everything is in my name so how do I add this income to my taxes?
</title>
<link>
https://ttlc.intuit.com/community/taxes/discussion/my-17-year-old-son-bought-an-inflatable-company-everything-is-in-my-name-so-how-do-i-add-this-income/01/1267468#M458564
</link>
<description/>
<pubDate>Wed, 04 Mar 2020 17:09:01 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/taxes/discussion/my-17-year-old-son-bought-an-inflatable-company-everything-is-in-my-name-so-how-do-i-add-this-income/01/1267468#M458564
</guid>
<dc:creator>eieio3</dc:creator>
<dc:date>2020-03-04T17:09:01Z</dc:date>
</item>
<item>
<title>
Re: My 17 year old son bought an inflatable company. Everything is in my name so how do I add this income to my taxes?
</title>
<link>
https://ttlc.intuit.com/community/taxes/discussion/re-my-17-year-old-son-bought-an-inflatable-company-everything-is-in-my-name-so-how-do-i-add-this/01/1267492#M458570
</link>
<description>
<P>You don't. &nbsp;Income earned from working or performing a service is always reported on a person's own tax return in their own name, even if they are someone else's dependent.</P> <P>&nbsp;</P> <P>The only time you would report a dependent's income on your own tax return is if the only source of income is unearned (that is to say, investments and other passive income from investments placed in a child's name) below a certain dollar amount.</P> <P>&nbsp;</P> <P>Note that in Turbotax online, each account can only file one tax return for one person. &nbsp;You will need to make a separate account for a second return. &nbsp;And the second account will charge separate fees, unless you qualify for free filing. &nbsp;If the income from business is less than $36,000, you will want to use the IRS FreeFile edition of Turbotax, since it includes the self-employment forms that regular Turbotax will charge extra for.&nbsp;</P> <P><A href="https://freefile.intuit.com" target="_blank">https://freefile.intuit.com</A></P>
</description>
<pubDate>Wed, 04 Mar 2020 17:14:13 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/taxes/discussion/re-my-17-year-old-son-bought-an-inflatable-company-everything-is-in-my-name-so-how-do-i-add-this/01/1267492#M458570
</guid>
<dc:creator>Opus 17</dc:creator>
<dc:date>2020-03-04T17:14:13Z</dc:date>
</item>
<item>
<title>
Re: My 17 year old son bought an inflatable company. Everything is in my name so how do I add this income to my taxes?
</title>
<link>
https://ttlc.intuit.com/community/taxes/discussion/re-my-17-year-old-son-bought-an-inflatable-company-everything-is-in-my-name-so-how-do-i-add-this/01/1267506#M458578
</link>
<description>
<P>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.</P> <P><EM><STRONG>Everything is in my name</STRONG></EM></P> <P>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?</P> <P>Basically, if everything is in your name, your son purchased nothing. You did - at least when it comes to tax reporting.</P> <P>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)</P> <P>&nbsp;</P>
</description>
<pubDate>Wed, 04 Mar 2020 17:16:48 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/taxes/discussion/re-my-17-year-old-son-bought-an-inflatable-company-everything-is-in-my-name-so-how-do-i-add-this/01/1267506#M458578
</guid>
<dc:creator>Carl</dc:creator>
<dc:date>2020-03-04T17:16:48Z</dc:date>
</item>
</channel>
</rss>