In TurboTax, how do you split a Schedule F for husband and wife?

Forum|Forum|3 years ago
February 28, 2023
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Is there an easy way to note 50% ownership for each spouse in the joint venture? I don't know how I'd split depreciation, we can't but a 1/2 tractor for example.

TurboTax Self Employed Online

DavidD66

You have to create and file a separate Schedule F for each of you. You will also each need to file a separate Schedule SE to report self-employment tax if you have a profit. You are correct, you can't buy 1/2 a tractor, but you can divide the cost by two, and then each one of you report the purchase of their share of the tractor. You will have to do that for all income, expenses, and capital purchases. Note, it doesn't have to be 50/50. If one of you has a greater interest in you qualified joint venture, you would split/enter things according to those percentages, (e.g. a 60/40 split).

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