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Business & farm
strange - the icon at the top of the page next to your name shows online
The trade-off from doing a Form 1065 which takes in all income and all expense and then just allocates to partners the shared income and credits, versus doing the SMLLC route as married couple is that everything has to be entered in duplicate after splitting all financial numbers. You do need to act as if you have two homes with two 8829 because each 8829 feeds the two separate Schedule Cs
The alternative is for one spouse to show higher expense (and higher income) and take the entire 8829 on the one spouse.
The trade-off from doing a Form 1065 which takes in all income and all expense and then just allocates to partners the shared income and credits, versus doing the SMLLC route as married couple is that everything has to be entered in duplicate after splitting all financial numbers. You do need to act as if you have two homes with two 8829 because each 8829 feeds the two separate Schedule Cs
The alternative is for one spouse to show higher expense (and higher income) and take the entire 8829 on the one spouse.
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67
NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
‎June 5, 2019
11:59 PM