Teen Kid's Pay below Standard Deduction - Filing Needed? How?
Throughout the internet, there are too many contradicting responses by CPAs on teen kid's pay for assistance in parents' rental business work. Brandon Hall Vs. Mark J Kohler to name a few. One says that W-2 is needed even if it is under the Standard Deduction (https://youtu.be/1F6proZomHU), and the other says the opposite, that W-2 is not needed (https://youtu.be/ZVyqDK4pkc8). Unfortunately, my CPA is also confused...
As we have several rental properties (along with our day jobs) any help is appreciated. Please take into account that all is legit, Work Agreement with our 15 yrs old son is prepared, work hours are justified and logged, hourly rates are fair, labor regulations are met, etc.
Is there a definitive and bulletproof answer on it? If so, what is the 'mechanics' of it using Schedule E (w/o LLCs)?
Thank you for trying to clear this confusing subject.