Schedule C

Forum|Forum|2 years ago
April 12, 2024
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I already created a Schedule C for myself and one for my wife. How do I need to input the business expenses? They need to be split 50% (for a multimember LLC). If I take the vehicle business expenses credit, can I still take a credit on her Schedule C?

TurboTax Home & Biz Windows

Mike9241

if you're in business together then a partnership return needs to be filed unless you live in a community property state and certain other conditions are met. An LLC in a non-community property state does not qualify for joint venture reporting (schedule C where revenue and expenses are split). Neither does one in a community property state unless both spouses materially participate. Partnership returns were due 3/15/2024. If you don't live in a community property state consult a tax professional because the IRS can impose penalties of around $400 per month for each month the return is late.