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Business & farm
@kevorcam wrote:
My wife and I formed a multi-member LLC, so we're 50/50 partners.
If you and your wife are in a community property state (Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, New Mexico, and Wisconsin), you can elect to treat the LLC as a disregarded entity and each of you can file a Schedule C.
See https://www.irs.gov/pub/irs-drop/rp-02-69.pdf
Otherwise, you need to file a Form 1065 (partnership return); you cannot elect QJV (qualified joint venture) status if the business is in the name of a state law entity (e.g., an LLC).
‎January 28, 2020
6:52 PM