Husband and Wife Single Vs Multi Owner LLC -Taxation

[Ian Wallace]

Hello Everyone,

I have decided to form a LLC for my next rental property. After speaking with an attorney I have a decent grasp on the pros and cons of having my wife as a Co-owner of the LLC. When asking about the subject of taxation he advised its best to speak with my CPA. Unfortunately, my CPA is near unreachable at this time so I figured next best place is here for general information.

The question I have is will there be any tax advantages/  non-advantages to having my wife as co-owner? I.E. Self-employment tax.

Thank you, 

Ian