bnse
Level 2

Business & farm

I actually have a follow-up question to this post.  My husband started a sole proprietorship (farming); however, over the years, my role has gradually increased.  Therefore, I am wondering if we should be filing as a QJV instead.  I understand that two Schedule F's are necessary, one for him and one for me.  Logistically, how do we make the split?  If we decide on a 50/50 split, can you just take the total for each income/expense category and divide it by two, or must each source of income/expenses be split according to the listed account holder?  Because the business began in his name, all accounts and tax forms are listed under his name and SSN.  Does this have any bearing at all?  Do we need to wait to file as a QJV until after getting half of the accounts listed in my name/SSN?  Thank you in advance for any advice you can provide.