Hi,
I setup a new LLC as a Qualified Joint Venture in a community property state and proceeded to file two Schedule C in turbotax.
So I now have two Schedule C with two different descriptions ("Principal business or profession") for the same business name. So far so good.. I just named one description X-1 and another X-2 with same business name: X
It now asks about QBI information. I don't have any income and just some minimal expenses (like license fee). Should I elect these two Schedule C as QBI? It sounds from Turbotax that most businesses are QBIs.. So I just selected "Yes".
The most confusing part is about "Should X-1/X-2 be treated as part of a combined business?" as part of QBI worksheet. They aren't exactly a combined business, they are a single Qualified Joint Venture (same business with name "X"). I am at a loss on what to fill out here..
The exact question is:
This business is part of the following activity:
- X (name of my business)
- This business is independent of any other activities
I also have Turbotax Premier. Can it handle Qualified Joint Ventures or should i need to upgrade to Home & Business? Do I need to file Schedule SE today/in the future? I don't have any income this year but when is it considered self-employment income? any income from business is self-employment income?
finally this is suppose to be an Airbnb rental business (but we never tried to rent it). Airbnb can be Schedule C or Schedule E. Does it conflict with Qualified Joint Venture in any way in the future especially if we consider Schedule E? How do I choose whether to use Schedule C or E in the future?
