There are lots of real estate agents who team up with their spouses. This can be a great way to run a real estate business, but there are some important tax consequences of running a business with your spouse.If you do nothing, you're in a partnershipFirst, you should understand that doing nothing about your business's tax status is not a good option. If you and your spouse run a business together as individual co-owners, you'll automatically be in a partnership for tax purposes. This is not so good because partnerships are required to file partnership tax returns (unless they elect to be taxed as a corporation, and file corporate returns instead). Partnership taxation is generally considered to be the most complex area in all of tax law. Partnership tax filings are not easy. Here is what...
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