Business & farm

tagteam · ‎June 1, 2019

"Do I file it with my regular Joint filing or separate?"

Multi-member LLCs file an income tax return on Form 1065. However, a Form 1065 does not need to be filed if the LLC neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax purposes.

See https://www.irs.gov/instructions/i1065#idm140538038032800

Note that if you and your wife are the only members of the LLC in a community property state (and did not elect corporation tax status, and you would be aware of that if you did), then you can treat the LLC as a "qualified entity".

In that event, the LLC is disregarded for federal income tax purposes and you can each report income and expenses of the LLC on Schedules C on your 1040.

See https://www.irs.gov/pub/irs-drop/rp-02-69.pdf

View solution in original post