Mike9241
Level 15
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Business & farm

for most unincorporated businesses with multiple owners, a partnership return should be filed. There can be substantial penalties for not filing. see instructions starting on page 4

file:///Y:/1065%202023%20inst.pdf 

 

while this equipment doesn't qualify for safe harbor, it can be rapidly depreciated using section 179 or bonus depreciation 168k. 

 

the first thing that needs to be resolved is whether a partnership return is required.