peauff
Level 3
03-18-2021
07:10 PM
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I have a client who purchased a home in 2020, then transferred title to a multi-member LLC made up of four individuals, two of which are himself and his wife. For tax purposes, I believe that any deductible interest and taxes paid at closing, as well as 1098 interest on the property at 12/31/20 may be reportable by the Partnership, which would then pass through these deductions to the individual members for tax purposes based upon their LLC ownership. Meaning a Partnership return would also have to be filed. Is there another way to treat this transaction as of 12/31/20?
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