Personal Business Income or Family's? Hi,
I got a NYS Certificate of Authority to collect sales tax in NYS for a booth I opened with my Mom and Sister. It is under my name and I have personally filed the quarterly sales tax with the state for the income generated by the booth. However, I have not sold anything in this booth, all income (~$5k) and related expenses were generated, paid and collected by my Mom and Sister. What is the proper way for all 3 of us to account for this on our personal income taxes for the Fed and NYS?
Thanks! |