topic Wife Retiring from QJV, how do I acquire her inventory assets in Get your taxes done using TurboTax

Wife Retiring from QJV, how do I acquire her inventory assets

Treasure4u — Tue, 10 Mar 2026 05:54:22 GMT

My wife and I have been operating our business for years as a Qualified Joint Venture. We each file our own Schedule C on our jointly filed taxes each year. She retired as of September 1 and will not be working in our business anymore. We are inventory based, so she has been doing a COGS calculation as part of the inventory is hers. Now, 100% of the inventory will be mine. How do I show this on paper as my inventory number is going to change abruptly. Do I buy her inventory for her % of value and then she would have zero inventory on her final filing for the business? And that would raise my inventory to the correct value for 100% and her value to zero? Thanks in advance.

Re: Wife Retiring from QJV, how do I acquire her inventory assets

Mike9241 — Sat, 06 Aug 2022 16:39:40 GMT

no sense buying it. she can gift it to you. you get her basis. between related parties her selling to you at a loss would not be allowed. her selling at a profit is not required and doesn't make economic sense. the law allows unlimited gifts between spouses. so no gift tax return is required. you can enter as negative on her Schedule C Cost of Goods Sold - other cots and as a positive on your Schedule C same line

or you can use the material and supplies line.

Re: Wife Retiring from QJV, how do I acquire her inventory assets

Treasure4u — Sat, 06 Aug 2022 20:07:14 GMT

Thank you!