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Business & farm
Thank you. But perhaps there is some confusion. Partnerships are treated completely differently. From everything else I'm reading, you still treat it as a Sole Proprietorship, but allocate all expenses/income 50/50 (except Self-Employment tax which all goes to one).
Example: https://ttlc.intuit.com/community/taxes/discussion/married-filing-separately-sole-proprietor-busines...
My only questions are if it's somehow optional and how to treat inventory.
March 30, 2022
1:33 PM