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U
useralockwood03037
February 22, 2023
Question

My husband and I own a small business. I know we report income/expense split by % ownership. Do we report new assets the same way, or under 1 person?

  • February 22, 2023
  • 1 reply
  • 0 views
The business is a partnership (not an LLC or C corp).

1 reply

M
Mike9241
February 22, 2023

since you suppose to be filing a partnership return. the asset gets added  to the partnership and then Turbotax allocates depreciation based on relative profit and loss splitting %s

 

U
useralockwood03037Author
February 22, 2023

Thanks, Mike.  My understanding is that since we are an unincorporated partnership, not an LLC, we will not file a partnership return.  

 

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