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Author: Jeanwa Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121567  
Subject: Re: Husband-Wife Business Date: 2/13/2005 2:01 AM
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tashina,

Interesting.

WA is a community property state, also. Some friends of mine have a husband/wife business...but they have never had it as a partnership. They have the taxes done by a CPA and he's never mentioned the partnership stuff.

All that doesn't really answer your question about going back to a schedule C tho'. I was really hoping someone else would chime in here. I still think I'm right that the assets can stay in the partnership, but the income can be allocated totally to you for SE tax purposes, so you would still file the partnership return.

The amount of tax would really be the same as a Schedule C...just the allocation would be different.

I think this was brought about by husbands and wives having a business together, but only one getting all the SS credits, leaving one without any SS in their name.

Jean
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