Posted by CB in central NY on January 30, 2008 at 12:12:07 from (63.162.143.5):
I know there are a few accountants out here, but anyone with knowledge of the subject would be welcome to respond.
In preparation for doing my taxes 2007, I was re-reading the instructions for Schedule F and noticed that as of 2007 there is a new provision dealing with married couples and filing the Schedule F, something to do with a married couple being considered a partnership even if one was not formally established. They also talk about something called "exempt joint venture" and filing the Form 1065 instead of Schd. F. It certainly reads and sounds like tons more paperwork for just a simple husband and wife operation. The way around this SEEMS to be "married, filing separately" but that leads to other tax liability.
Thoughts? Opinions? Advice? I think many of us will have to deal with this one. Thanks in advance to all who respond.
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