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Updated almost 7 years ago on . Most recent reply

Justin Denham's profile image
Justin Denham's profile image
Justin Denham
  • from Tampa, Florida
  • Member since Apr 15, 2016
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Justin Denham's profile image
Justin Denham's profile image
Justin Denham
  • from Tampa, Florida
  • Member since Apr 15, 2016
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Justin Denham
  • Tampa, FL
9
Votes |
54
Posts
Tax, SDIRAs & Cost Segregation

Income shifting to kids

Justin Denham
  • Tampa, FL
Posted
I asked my CPA about shifting $6,300 to each of my kids on my tax return for the work they did in my business. He told me I would have to 1099 them. Is that correct?
1 Vote
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Jay C.'s profile image
Jay C.'s profile image
Jay C.
  • from Walnut Creek, CA
  • Member since Mar 9, 2018
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Jay C.'s profile image
Jay C.'s profile image
Jay C.
  • from Walnut Creek, CA
  • Member since Mar 9, 2018
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Jay C.
  • Walnut Creek, CA
29
Votes |
40
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Jay C.
  • Walnut Creek, CA
Replied

I had a similar question. Can one purchase a rental property with a child (4 year old) and use some of the earned income to fund a kid Roth IRA?

2 Votes
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