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Business & farm
@korz wrote:
I'm trying to avoid that next year and so we're dissolving the partnership....
To be blunt, your problem is not the partnership, it is the LLC. An LLC is considered a state law entity by the IRS which does not qualify for qualified joint venture (QJV) treatment (your interests in the rental are not held as community property in a community property state).
If you had a partnership with your spouse (not an LLC, which defaults to a partnership when it has more than one member), then you could file a Schedule E for the rental and you could still get an EIN from the IRS (and use that instead of your SSN for your personal security).
March 22, 2023
5:21 PM