Qualified Joint Venture Ownership Interest in Proseries

Forum|Forum|9 months ago
September 19, 2025
2 replies
11 views

Hi online community, I know that choosing the operated jointly button in Sch. C will automatically create two different schedules c for husband and wife but as far as I remember it will be allocated 50% of income and expenses. To tell you the truth, I have never tried different percentages of ownership. Can I do that automatically or I have to manually create a schedule C when it is an allocation different than 50%?

Your responses will be appreciated. I tried to look in the history chats but I could not find any information. If I missed it, I apologize.

thank you

ProSeries Professional

T

Terry53029

Intuit Community Champion

In a Qualified joint venture each spouse separately reports a share of all of the businesses’ items of income, gain, loss, deduction, and credits on their own 1040 schedule C. They do not split anything 50- 50.

See link https://www.irs.gov/businesses/small-businesses-self-employed/election-for-married-couples-unincorporated-businesses

T

TaxGuyBill

Level 15

@athaureaux6 wrote:

I know that choosing the operated jointly button in Sch. C will automatically create two different schedules c for husband and wife

I don't think it does.

It only splits the Schedule SE. So that box is for a joint business (such as an LLC) in a Community Property State, not for a Qualified Joint Venture.

For a Qualified Joint Venture, you need to manually create two separate Schedule Cs.

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