I have three boys who are very money minded, they are young, all under 12. Recently they came up with the idea of selling some of their things online. Do they have to claim what they make? Or do their dad and I need to claim it as income? I think they have a good idea, but I want to keep it legal.
2006-08-31 18:29:03 · 4 answers · asked by Greencastle PS 2 in Education & Reference ➔ Home Schooling
perhaps you would find more help in the legal section of YA. This is the homeschool category.
2006-09-01 02:16:56 · answer #1 · answered by Terri 6 · 0⤊ 0⤋
I don't think anyone under 18 has to claim anything. And you and dad don't have to claim it either.
Plus, why would anyone have to claim for anything sold on line? It's kind of like a garage sale...just extra money in the bank.
2006-09-01 00:01:55 · answer #2 · answered by Jessie P 6 · 0⤊ 1⤋
The following sites, should give you the information you're seeking..
A. IRS.org
B. Expertlaw.com
Topics covered:
Introduction to Child Labor Law ...
Restrictions on Younger Teens & Children (Aged 13 or younger...
Parents' Rights...
"Whose Earnings Are They?"
Hope this helps..good luck!
2006-08-31 21:03:23 · answer #3 · answered by ? 2 · 0⤊ 1⤋
THERE ARE NO LEGALITIES....ITS SUCH A SMALL SUM IM SURE THE GOVERNMENT WONT NEED IT....GOOD FOR THE BOYS.
2006-09-04 14:39:36 · answer #4 · answered by flowerspirit2000 6 · 0⤊ 0⤋