Rental set up as LLC

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  • JT2307
    Senior Member
    • Jan 2009
    • 105
    #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.
    Tags: None
    • TaxGuyBill
      Senior Member
      • Oct 2013
      • 2324
      #2
      Is this in a Community Property State?

        Comment

        • JT2307
          Senior Member
          • Jan 2009
          • 105
          #3
          No it is not. They are in PA.

            Comment

            • rbynaker
              Senior Member
              • Mar 2019
              • 154
              #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)"

                Comment

                • JT2307
                  Senior Member
                  • Jan 2009
                  • 105
                  #5
                  As always thank you for the help.

                    Comment

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