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Get your taxes done using TurboTax
yes, for a partnership, the EIN is necessary. I wasn't clear on that. It's not needed if reporting on each individual tax return. Just be aware that when you get an EIN, it must be, and can only be, tied to a single SSN which the IRS identifies as the "responsible party".
Overall though, I still suggest you seek advice from a professional in your local jurisdiction. Laws differ state to state, and in some cases locale to locale within a state. These laws can and do impact your taxes and how you report them at the federal level. If you live in a community property state, then it's in your best interest to seek professional advice and specifically ask how living in a community property state can potentially affect things should something unforeseen happen - such as a falling out or the death of one partner.
Overall though, I still suggest you seek advice from a professional in your local jurisdiction. Laws differ state to state, and in some cases locale to locale within a state. These laws can and do impact your taxes and how you report them at the federal level. If you live in a community property state, then it's in your best interest to seek professional advice and specifically ask how living in a community property state can potentially affect things should something unforeseen happen - such as a falling out or the death of one partner.
May 31, 2019
6:10 PM