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Business & farm
@Marie925 The statement does not require to be on a preformatted document. It would be good to put the primary declarer's name and social at the top of the page (which can be a blank Word Document, for example), and then a Header Line: "Election to Treat Farm Income as a Qualified Joint Venture". Afterwards, you can simply state that you and your husband choose to make the election to treat your business as a Qualified Joint Venture, and if you are not in a Community Property State, the percentages that each will receive.
The statement must be attached to the return, so your return will need to be mailed in this year. Afterwards, it is not necessary to send in a statement unless you choose to revoke the election for one reason or another.
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