My Husband & I own an LLC and we file jointly. TurboTax says that we can split the business income and expenses but we have list them as separate businesses. Any advice on this?

[Anonymous_]

If you reside in a community property state, you can split the income and expenses according to your interests in the LLC.

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

In this instance, you would each file a separate Schedule C but would not list the income and expenses as separate businesses.

[Anonymous_]

Note that if you reside in a common law state (i.e., not a community property state), you would be required to file a Form 1065 (partnership return) for the LLC and you would each be issued a K-1.

See https://www.irs.gov/businesses/small-businesses-self-employed/election-for-married-couples-unincorpo...

See also https://www.irs.gov/instructions/i1065#en_US_2021_publink11392vd0e555

[Kash76]

This is the message I received when I put the business is owned by my husband and I. “Since you’re married you won’t need to file a partnership return if you split your business income and expenses between you and report them as separate businesses.” 

it says there should be two schedule C but make sure the business descriptions are different. 

My question how does I report separate businesses if we only have 1? 

[Anonymous_]

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@Kash76 wrote:

My question how does I report separate businesses if we only have 1? 

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You file two Schedules C splitting the income and expenses with your husband. The business will be the same.

Again, note that, with an LLC, you can only split income and expenses on Schedule C if you and your husband hold the interests in your LLC in a community property state.

In which state do you reside?

[Kash76]

Indiana