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schirallicpa

when Sch F could be joint

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Long ago on a planet far far away, you used to could check a "joint" box on the Schedule F.  Now you have the spend the best part of an afternoon forcing the split.  GRRRRR.......

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Whether it is a schedule F or C, I use a spreadsheet to make the allocation and then input each schedule, takes a minimal amount of time.

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I do it 'down and dirty' by putting half the profits as sales on the second form. My old software allowed you to enter a percentage (usually 50%) to split the forms into two. It was pretty sweet.

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On 5/13/2020 at 9:50 AM, Abby Normal said:

I do it 'down and dirty' by putting half the profits as sales on the second form. My old software allowed you to enter a percentage (usually 50%) to split the forms into two. It was pretty sweet.

I do it Abby's way.

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It was one of the worst decisions the IRS ever made. All that was needed for joint Sch C or F was a % field for the main spouse. Then you have separate Sch SE forms. That's all they were really trying to accomplish, getting the Social Security record right.

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9 hours ago, schirallicpa said:

its the depreciation that drives me nuts on these joint split schedules.....

 

Put full depreciation on Schedule F of spouse (a), then back out 1/2 and override same amount for spouse (b).

Or as Abby Normal suggested, report 100% income and expenses for spouse (a), then allocate 1/2 as a single line entry to spouse (b).

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