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Thread: Partnership
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Old 04-17-2007, 08:09 AM
Wh716 Wh716 is offline
Junior Member
 
Join Date: Apr 2007
Posts: 1
Partnership

Hey Guru

A little - late, but am hoping to get an answer in time.

I am in a partnership, where we both are sustained by it.

The business is run out of our apartment, so the business pays for the apartment.

Food and daily necessities - same thing.

We have not taken from the business - ie put money into our own bank account - so do we have to report an income on our taxes?

I am filing an extension - so I am hoping to be able to estimate properly.

Thanks in advance,
Weber
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