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I've got a couple who want to file on their personal return…

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I've got a couple who...
I've got a couple who want to file on their personal return next year rather than continuing filing in their LLC as a partnership. On the Federal form, 8832 Entity Classification Election, Part 1, Question 6, which box should I tick off?
Submitted: 4 months ago.Category: Tax
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3/14/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,759
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. Are you saying that the couple wants to be considered a Joint Venture using the Schedule C instead of filing the Form 1065? Please clarify.

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Customer reply replied 4 months ago
the couple wants to be considered a Joint Venture.
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 months ago

to make the election to be considered a Qualified Joint Venture, the Form 8832 is not required. SEE BELOW:

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How to Make the Election to be Treated as a Qualified Joint Venture

Spouses make the election on a jointly filed Form 1040 by dividing all items of income, gain, loss, deduction, and credit between them in accordance with each spouse’s respective interest in the joint venture, and each spouse filing with the Form 1040 a separate Schedule C (Form 1040), Profit or Loss From Business (Sole Proprietorship) or Schedule F (Form 1040), Profit of Loss From Farming and, if otherwise required, a separate Schedule SE (Form 1040), Self-Employment Tax. For example, to make the election for 2014, jointly file your 2014 Form 1040, with the required schedules (see below). The partnership terminates at the end of the taxable year immediately preceding the year the election takes effect. For information on how to report the business for the taxable year before the election is made, see Publication 541 on Partnerships and terminations.

REFERENCE SOURCE:

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

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