TaxGuyBill
Level 15
07-20-2020
12:41 PM
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To file as a "Qualified Joint Venture" (not sole proprietors) on two Schedule Cs they can just file the Schedule Cs. There is no need to notify the IRS.
As a side note, a Qualified Joint Venture can be done in any State. The restriction is that if they are the only two members of an LLC, then that can only be done in a Community Property State.