May wife and I created an LLC in 2017. TT says we each do a schedule C for inc and exp. But the business name and EIN is the same. how do you do 2 separate sch c then?

[AmandaR1 · Accepted solution]

You can't because this situation does not qualify for the Qualified Joint Venture (QJV) exception because you formed a LLC. This option exists to provide administrative relief for married couple, so they aren't required to file a partnership tax return.

Once you chose to be a LLC, you no longer have this election and you must file as Partnership business return form 1065. This return is due by March 15th. It will include a schedule K-1 for each of you to enter with your personal returns. 

You can file the business return with TurboTax business here: https://turbotax.intuit.com/small-business-taxes/

Learn more about the QJV here: https://www.irs.gov/businesses/small-businesses-self-employed/election-for-married-couples-unincorpo...

[davis_mc]

Is that still the case with an LLC that we never did anything with. We were going to transfer our rental house into it but we didn't. So, the LLC has no income and no deductions except for maybe the creation of the LLC as a business expense or if we forgo that too. IF we still have to file a 1065 can it be done with TurboTax Home and Business?

[davis_mc]

Well, looking at the form 1065 instructions, I believe I answered my own question:

"Who Must File Domestic Partnerships

Except as provided below, every domestic partnership must file Form 1065, unless it neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax purposes. "

[AmandaR1]

Correct. If you have expenses, you would need to file the partnership. If you didn't actually start your business then the costs are capitalized as start-up costs. If you never actually "start" the intended business activities ('open your doors for business' so to speak), you won't be able to deduct these. See startup costs on page 26 at pub 535 for more info here: <a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/p535.pdf">https://www.irs.gov/pub/irs-pdf/p535.pdf</a>