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Business & farm
Well, I thought I had this figured out, but then a TurboTax rep (for program help) told me that the standard/default TurboTax-generated de minimis safe harbor election covers the entire tax return (i.e. covers both of our Schedule C businesses). The name field on the election form contains my name '&' spouse name, and the Tax ID field has [only] my SSN (the first one on the 1040--a typical IRS usage).
I've never heard of a "joint" election for this anywhere else, and can't find any similar rule in any of the IRS pubs/links. Can anyone provide a reference to an IRS document/Regs or some official guidance that shows how to properly make the election(s) for 2 separate Schedule C businesses on a joint 1040?
‎October 10, 2024
9:24 PM