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Can a LLC owned by husband and wife qualify as a single member LLC?

I need to buy Turbo tax and would like to only have to buy one version to do our personal and business taxes.

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Level 15

Can a LLC owned by husband and wife qualify as a single member LLC?

"Can a LLC owned by husband and wife qualify as a single member LLC?"

 

Only if the LLC is considered a qualified entity and the LLC is a qualified entity if:

 

(1) The business entity is wholly owned by a husband and wife as community property under the laws of a state, a foreign country, or a possession of the United States;

 

(2) No person other than one or both spouses would be considered an owner for federal tax purposes;

 

and

 

(3) The business entity is not treated as a corporation under§ 301.7701-2.

 

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

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Level 15

Can a LLC owned by husband and wife qualify as a single member LLC?

"Can a LLC owned by husband and wife qualify as a single member LLC?"

 

Only if the LLC is considered a qualified entity and the LLC is a qualified entity if:

 

(1) The business entity is wholly owned by a husband and wife as community property under the laws of a state, a foreign country, or a possession of the United States;

 

(2) No person other than one or both spouses would be considered an owner for federal tax purposes;

 

and

 

(3) The business entity is not treated as a corporation under§ 301.7701-2.

 

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

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