So, we're co-owners however, I don't know if I should file separate returns for each of us.
If so, do I simply copy every entry from my return to hers? Do I have to enter the deductions, expenses, income, etc at half the actual amount in both returns?
Alternatively, do I just make one complete return and check the box stating "I have no income to report" (or something similar) for the other report.
Or (last one, I promise) do both returns get filled out simultaneously?
A very quick response would be greatly appreciated :)
My wife and I are co owners (50/50) of our (very small) business. Two seperate returns?
in Reporting income
Posted
So, we're co-owners however, I don't know if I should file separate returns for each of us.
If so, do I simply copy every entry from my return to hers? Do I have to enter the deductions, expenses, income, etc at half the actual amount in both returns?
Alternatively, do I just make one complete return and check the box stating "I have no income to report" (or something similar) for the other report.
Or (last one, I promise) do both returns get filled out simultaneously?
A very quick response would be greatly appreciated :)