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Can a married LLC Partnership file schedule C on their 1040…

Can a married LLC...

Can a married LLC Partnership file schedule C on their 1040 with their W2 income? And if so if they fie separate sch C how do they go about it?

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Does one file Sch C with joint return and other file C alone?

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Answered in 6 minutes by:
3/8/2018
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,674
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Was the LLC formed at the state level?

If so, a partnership return (Form 1065) is required.

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

The only exception is if the LLC was formed in a community property state, the husband/wife LLC can be a Qualified Joint Venture which means they each report 1/2 of the income and expenses on their respective Schedule Cs.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 5 months ago
I believe so. They received a letter to file 1065.
Customer reply replied 5 months ago
They asked if they could file 1040 now and get extension on business. They started business with no money. Just a set up fee..

What state are they located in?

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They cannot choose when to use Schedule C and when to file a 1065.

If they cannot use Qualified Joint Venture, they will have to file Form 1065

BUT

If the partnership had no income or expenses, there is no filing requirement for Form 1065.

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Customer reply replied 5 months ago
They had both income and expenses. No capital.

What state are they located in?

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Customer reply replied 5 months ago

CA is a community property state.

They can each use Schedule C to report 1/2 the income and expenses for the LLC.

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Customer reply replied 5 months ago
both sch C will be on 1040 MFJ . Do they still need 1065 and K1

Both Schedule Cs will be attached to their 1040.

No need to file 1065 or generate K-1.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,674
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Barbara and 87 other Tax Specialists are ready to help you
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Customer reply replied 5 months ago
Ty your awesome!

My pleasure.

Thank YOU for the positive rating of my answer. It is very much appreciated.

Have a great day!

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Customer reply replied 5 months ago
Barbara was excellent. She answered promptly and was clear. Will contact her again. Thanks.

You're welcome!

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