My spouse and i formed an LLC in a community property state. We file taxes as MFJ . I have $200k earned income from LLC and my spouse has $0. In an LLC operating agreement, we have a 50/50 split.
Currently, our LLC has a default type (Multi-Member LLC) but we could be qualified to choose Qualified Joint Venture as well (depending on how many hours my spouse would work for the LLC).
If we go with Qualified Joint Venture LLC, should we file Schedule C with split income between us as 50/50 or can I put $200k in my schedule and she put 0?
The same question if we stay as Multi-Member LLC, should we split profit equally, or can I put $200k in my Form 1065 and my spouse have $0 in her?
What if we had an operating agreement with, say, a split of 10/90?
Hi there,
You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer.
You should contact a tax professional for assistance
"You should contact a tax professional for assistance"
And a divorce lawyer. Do that before she decides to.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.