Question
Can a 23 year old, with an Scorp that reported a loss be claimed by his parent if the parent supports him and they live with the parent?
I just want to confirm as I have never dealt with a situation like this before. The young man is 23 years old, and he open a convenience store a few months ago. The business has issued him a K1 form with a loss. Can he be claimed as a dependent, He lives with the parent, Parent provides more than 50% of the support for him. Has anyone else had a situation like this before.
