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Old 03-23-2016, 12:49 PM
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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!



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