My wife and I opened an LLC in 2024 and operated at 50/50%. Should we enter revenue & expenses individually or combined?

posted

If you are not in a community property state, you will have to file a Partnership (1065) return. If you are in a community property state, you can choose to treat it as a disregarded entity and file two Schedule Cs to report the income and expenses separately.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"