Dependent 1099-misc

[darabstone]

What is the name of your state (only U.S. law)? TX

My 15 year old son received a 1099-misc from the sell of an FFA animal project in the amount of $1448.75. Which IRS form should be used to file? I use turbo tax for my taxes, but really don't want to shell out another $40 bucks to file for him? Also, should this be claimed as a farm animal? Can we deduct the cost of feed and the initial cost of the animal?

Thanks!

 

[FlyingRon]

If that's all the income he has, he doesn't have to file anything.

 

[davew128]

If that's all the income he has, he doesn't have to file anything.

Since the gross receipts would be above the minimum amount for SE tax, yes he does need to file to show his deductions reduce SE income below $400.

 

[tranquility]

I agree with dave128 and add that yes, expenses can be deducted from the gross amount. (Cost of animal, feed and the like.)