My wife and I want to file our "Married Filing Jointly') 2016 (1040) Federal Income Tax Form as a Qualified Joint Venture (QJV).
I have several questions.
#1 If my wife's contribution has been exclusively "sweat equity" (as an unlicensed person) doing most of the quotations for our insurance clients; personally delivering issued policies to clients and maintaining the office and client records) and I "write" the business as the licensed broker, what % of the income and what % of the expenses can be allocated to my wife's contribution? I am OK with 50% if that is the requirement.
#2 With the scenario of #1 above, how can Schedule C's line 9 Car & Truck expenses be shared in that we have 2 vehicles used in the business? Do we enter both vehicles with the identical data on the Car & Truck Worksheet on each of our Schedule C forms?
#3 With the scenario of #1 above, how can the Schedule C line 17 Legal & Professional expenses (such as Errors & Omissions Insurance, NAIFA, etc.) be shared?
#4 With the scenario of #1 above, can restaurant meals for just my wife and myself, arranged to discuss the business plans/opportunities/issues construed as "staff" meetings be treated as deductible business meals?
Thanks for thoughtful answers.
