Ashby
New Member

Business & farm

The TurboTax Advisor is correct. When you have a Qualified Joint Venture with your spouse, you do not have to file the partnership return. But, you are supposed to split income and expenses equally in your personal return by creating separate Schedule C's and SE's. I'm sure your lawyer is extremely capable in forming the entity, but he probably is just not aware of how these are accurately reported.

I found this TurboTax blog article that actually explains it pretty well.

https://blog.turbotax.intuit.com/income-and-investments/business-income/what-is-a-qualified-joint-ve...

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