Comments on: How do I file the tax return if 50% of the profit need to give to my partner in Japan? http://ihelpyouwithtaxes.com/how-do-i-file-the-tax-return-if-50-of-the-profit-need-to-give-to-my-partner-in-japan/ Tax blog with free tax resources Sun, 05 Feb 2012 16:14:10 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: tma http://ihelpyouwithtaxes.com/how-do-i-file-the-tax-return-if-50-of-the-profit-need-to-give-to-my-partner-in-japan/comment-page-1/#comment-5066 tma Sat, 20 Mar 2010 20:37:56 +0000 http://ihelpyouwithtaxes.com/how-do-i-file-the-tax-return-if-50-of-the-profit-need-to-give-to-my-partner-in-japan/#comment-5066 If you established a partnership, money you send him is not an expense. It's a partner's distribution. It will reduce his basis. It is not taxable to him unless his distributions exceed his basis. The money you send him is not taxable to you either. You should be filing partnership tax returns to report your income and expenses. You need an accountant. If you established a partnership, money you send him is not an expense. It’s a partner’s distribution. It will reduce his basis. It is not taxable to him unless his distributions exceed his basis. The money you send him is not taxable to you either. You should be filing partnership tax returns to report your income and expenses.

You need an accountant.

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