QJV reporting help
Hello all.
My spouse and I have a qualified joint venture (QJV) and I want to make sure I report correctly! I am using Freetaxusa.
Please correct me it I am wrong, but this is how I currently understand it: I add up all of our income and split it across two schedule C in the "gross receipts and sales" section asking for all non-1099 related income. Even though I am paid exclusively as a 1099, I do not enter individual 1099s on my return, as this will essentially double the shown income and the IRS already has all of the income reported to us... it just needs to match when the two schedule C are tallied. I will also split all business expenses, deductions, losses etc evenly across the two schedule C so we essentially have mirrored forms.
Does this sound about right? Anything to add or correct me on? Thank you for reading!