Report your spouse’s solo legal practice in Part 5.

For Your Spouse

Part 5

Report your spouse’s solo legal practice if the value of the practice was more than $1,000 at the end of the reporting period or if your spouse received more than $1,000 in income during the reporting period.

Description:  Indicate that your spouse practices law as a solo practitioner.

EIF:  Select “N/A.”

Value:  Report the value of the practice by selecting the appropriate category.  The value of the practice would include all assets held by the practice, unless itemized separately.

Income Type:  Describe the type of income as “legal fees.”

Other Interests

Business Assets and Liabilities:  You need not itemize the assets of your spouse’s legal practice in Part 5.  Disclosing the legal practice itself is normally sufficient.  As an exception to this rule, you would report any assets that are unrelated to the operations of the legal practice.  Report any liabilities for which your spouse is personally liable in Part 8.