Filing 1040 as a Qualified Joint Venture (QJV)

[Joe M.]

My wife and I want to file our "Married Filing Jointly') 2016 (1040) Federal Income Tax Form as a Qualified Joint Venture (QJV).

I have several questions.

#1 If my wife's contribution has been exclusively "sweat equity" (as an unlicensed person) doing most of the quotations for our insurance clients; personally delivering issued policies to clients and maintaining the office and client records) and I "write" the business as the licensed broker, what % of the income and what % of the expenses can be allocated to my wife's contribution?  I am OK with 50% if that is the requirement. 

#2 With the scenario of #1 above, how can Schedule C's line 9 Car & Truck expenses be shared in that we have 2 vehicles used in the business?  Do we enter both vehicles with the identical data on the Car & Truck Worksheet on each of our Schedule C forms? 

#3 With the scenario of #1 above, how can the Schedule C line 17 Legal & Professional expenses (such as Errors & Omissions Insurance, NAIFA, etc.) be shared?

#4 With the scenario of #1 above, can restaurant meals for just my wife and myself, arranged to discuss the business plans/opportunities/issues construed as "staff" meetings be treated as deductible business meals?

Thanks for thoughtful answers.

[jklcpa]

Joe, this site is for tax professionals using a specific brand of software not used by the general public. We do not answer tax questions posed by nonprofessionals here.

I'd suggest that you hire someone to prepare your return.