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Level 3
posted Apr 6, 2021 4:18:03 PM

Married couple joint venture questions.

My wife and I have filed Sch C's a few years in a row. Each of us has our own.

I want to take advantage of the rules allowing for a joint venture.

Can I use my single member llc name for the business dealings and banking of the joint venture?

Then end of year have one set of JV books, for tax purposes have 2 sch C's.

 

The rules imply a partnership llc but we are electing to not file as such. Therefore can I use the SMLLC for the business activity? 

Of if someone could give an example of the structure.  Or other ways to make it work.

Thanks in advance.

0 3 310
3 Replies
Level 13
Apr 6, 2021 4:35:58 PM

Your facts as presented are not clear:

  1. You indicate that you and your wife each have separate businesses which are reported on their respective Schedule C.  Is this correct?
  2. Is there a business activity that you and your wife are in together?
  3. What state are you located in?

Level 3
Apr 6, 2021 5:07:38 PM

1. We file married jointly with each having a sch C with our taxpayer name on them. We share work as we are real estate agents.

2. Her RE license is under mine. I am her broker in charge. We also share administrative tasks back and forth. 

3. We are in NC.

Level 15
Apr 6, 2021 5:20:01 PM

Since you live in NC you CANNOT do a QJV .  So if you don't want to continue the method you are currently using then you could open a corporation or a partnership.  Seek local professional guidance to see if this is possible or desirable.