Question

My wife is listed as an owner on her family's foreign business, but does not receive any income from it. Does the business still need to be reported on your taxes?

Forum|Forum|1 year ago
March 16, 2025
1 reply
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Does the foreign business have income, but your wife has elected not to receive her share as a part owner? If that applies, is there an agreement in place to document this, or would her share be less than the filing requirement for a business, which net earnings of $400 if she received it?

What country is the business located in?

My inclination would be to say if she receives no income, she doesn't need to report it, but better to be safe concerning reporting requirements.

If you can give more info, we'll try to help.

@pgoodwin1