Can spouses who co-own an LLC report their business earnings/losses through Turbo Tax Self-Employed?

For context, we are married filing jointly, and our LLC made very little. I read on other streams that spouses who partner in an LLC can qualify as a single member LLC, and those can be treated as a "disregarded entity", and that we can report our earnings and expenses on Schedule C of our personal tax return. Does this sound correct, or are we missing anything?

Thank you in advance!

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1 Best answer

Level 15

Oct 15, 2022 6:58:44 AM

You are correct provided you and your spouse hold your interests in the LLC as community property in a community property state.

In that event, you would each file a separate Schedule C.

Community property states are: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin (Alaska is opt-in).

Level 15

Oct 15, 2022 6:58:44 AM

You are correct provided you and your spouse hold your interests in the LLC as community property in a community property state.

In that event, you would each file a separate Schedule C.

Community property states are: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin (Alaska is opt-in).

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Can spouses who co-own an LLC report their business earnings/losses through Turbo Tax Self-Employed?