Griz
Driving the short bus....
varnyard said:Well Cathy, if HEH were incorporated, then it would be a separate entity than the owner. Thus, it would be listed as a separate income, taxes and credit line.
It would need to be a licensed business though, but it seems it does not exist as one.![]()
However, I think it's been established that they are not Incorporated. But, if they choose to use the argument that they are actually an S corp or LLC then this "income" would be passed back through on their K1's. Those K1's would show up as individual income and therefore be reflected in the household income column, which it is not. I think both bases are covered pretty easily.
Griz
