Yes. With partnerships come problems.
For example, if you own an unincorporated business, you likely have a partnership for financial tax purposes. Which means you have to deal with extra tax-return filings and compliance headaches.
But there is some good news. You see, there are two “elections” you can make to avoid partnership treatment and many jointly owned rental properties can escape without any special tax elections.
We’ll explain all in detail when you read my new article titled Tax Tips: Avoid Partnership Tax Filing with Two Little-Known Elections!
Three ways our fact-filled article can help you:
- You’ll learn all about the qualified joint venture election. It’s only available if you and your spouse operate the partnership. We’ll tell you how to qualify, what the impact of the election will be, and how to make the election. All will be made clear when you read the full article.
- We’ll explain the 761(a) election. The good news is that it’s available to all partnerships that fit into one of three categories. Again, we’ll cover how to qualify, what the impact of the election will be, and how to make the election. You’ll learn a lot when you read the full article.
- We’ll explore the pros and cons of both elections. Both of these elections can yield substantial benefits. But there are times when they simply don’t make sense for a partnership. We’ll give you all the facts you need to make an informed decision when you read the full article.