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Rental set up as LLC

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    #1

    Rental set up as LLC

    Married couple formed an LLC for a property they purchased and are renting out - it is mixed use - apartments and office space. Are they able to file this as a qualified joint venture - schedule E on personal return? Or will they have to file a partnership?
    Thank you in advance for your help.
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    #2
    Is this in a Community Property State?

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      #3
      No it is not. They are in PA.

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        #4
        Election for married couples unincorporated businesses | Internal Revenue Service
        https://www.irs.gov/businesses/small-businesses-self-employed/election-for-married-couples-unincorporated-businesses
        For tax years beginning after December 31, 2006, the Small Business and Work Opportunity Tax Act of 2007 (Public Law 110-28) provides that a "qualified joint venture", whose only members are a married couple filing a joint return, can elect not to be treated as a partnership for Federal tax purposes.


        "A qualified joint venture, for purposes of this provision, includes only businesses that are owned and operated by spouses as co-owners, and not in the name of a state law entity (including a limited partnership or limited liability company)"

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          #5
          As always thank you for the help.

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