We are equal 50-50 ownership. I am assuming I have to divide all income and expenses and enter them into each sched. C.? I started going through TT and it started increasing my tax liability for EXPENSES that I am entering. I am not sure why.?.?.?
You'll need to sign in or create an account to connect with an expert.
Because Pennsylvania is not a Community Property State, you must file a Partnership return, rather than two Schedule Cs. That is a completely separate tax return, and you will each receive a K-1 from the Partnership to enter into your personal tax return.
Although TurboTax "Business" (not "Home & Business") can do a Partnership return, I would recommend a tax professional for at least the first year.
https://irs.treasury.gov/rpo/rpo.jsf
Because Pennsylvania is not a Community Property State, you must file a Partnership return, rather than two Schedule Cs. That is a completely separate tax return, and you will each receive a K-1 from the Partnership to enter into your personal tax return.
Although TurboTax "Business" (not "Home & Business") can do a Partnership return, I would recommend a tax professional for at least the first year.
https://irs.treasury.gov/rpo/rpo.jsf
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
asalot
Level 1
gglockner
Level 1
user1727
Level 2
mlkelly
New Member
weaslebub
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.