Joe M. Posted February 3, 2017 Report Share Posted February 3, 2017 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. Quote Link to comment Share on other sites More sharing options...
jklcpa Posted February 3, 2017 Report Share Posted February 3, 2017 Joe, this site is for tax professionals using a specific brand of software not used by the general public. We do not answer tax questions posed by nonprofessionals here. I'd suggest that you hire someone to prepare your return. 3 Quote Link to comment Share on other sites More sharing options...
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