I understand that a husband and wife who have a Partnership can file as sole proprietors if they are in a community property state and file 2 schedule C's .
My question is do they need to write a letter to the IRS to inform them of their intention or can they just file their first tax return on a 1040?
Thanks, Ky
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To file as a "Qualified Joint Venture" (not sole proprietors) on two Schedule Cs they can just file the Schedule Cs. There is no need to notify the IRS.
As a side note, a Qualified Joint Venture can be done in any State. The restriction is that if they are the only two members of an LLC, then that can only be done in a Community Property State.
To file as a "Qualified Joint Venture" (not sole proprietors) on two Schedule Cs they can just file the Schedule Cs. There is no need to notify the IRS.
As a side note, a Qualified Joint Venture can be done in any State. The restriction is that if they are the only two members of an LLC, then that can only be done in a Community Property State.
Does everyone agree with Bill <w> ?
(I do... 🙂
I do, too.
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