A qualified joint venture (QJV) is a business owned by a married couple. It allows them to report their business activity directly on their joint income tax return instead of filing a partnership return (Form 1065).
What Is a Qualified Joint Venture for Married Couples?
Without QJV rules, a business that is not formally organized with a state but is solely owned and operated by a married couple would default to being treated like a partnership for tax purposes—even when there is no official partnership agreement. Being treated as a partnership for tax purposes would subject the taxpayers to more…