Siblings living together, filing questions Two siblings, both over 30 years old, living together on property they jointly own, one is the major wage earner and the other just earns enough to file taxes each year. They inherited the property last year after their parent's deaths. Up until that time the parents paid all the household bills. The older sibling farmed full time with the father and still farms now.
They have both been filing separately each year and now the major wage earner gives the other sibling enough money to pay the majority of the household bills each year. They have formed an LLC on the advice of their lawyer. What is the best way for them to file taxes now. Should they both still file separately and if so, is the money given to the second sibling considered earnings that should be listed on her taxes? The other sibling pays taxes on those earnings when he files his taxes.
The LLC is not making any profits, so do taxes have to filed separately for it? The state privilege tax was paid and a tax ID number was gotten for the LLC.
Lastly as the younger sibling, I want to be able to get health insurance through the health exchange but I do not make enough money to do so in our state which in not joining the exchange. What is the best way for my brother and I to file our taxes so that I can claim enough income to qualify? |