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kbsm48
New Member

I co-own a business with my son and I wasn't paid anything and he files those returns separately. what do I do?

 
1 Reply
KarenL2
Level 5

I co-own a business with my son and I wasn't paid anything and he files those returns separately. what do I do?

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.
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