TaxGuyBill
Level 15
12-06-2019
09:25 PM
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Joint ownership of rental property does not necessarly need to be on a 1065. They can each report their share on their personal tax returns.
"A joint undertaking merely to share expenses is not a partnership. Mere co-ownership of property that is maintained and leased or rented is not a partnership. However, if the co-owners provide services to the tenants, a partnership exists."
https://www.irs.gov/instructions/i1065#idm140242305001840
"A joint undertaking merely to share expenses is not a partnership. Mere co-ownership of property that is maintained and leased or rented is not a partnership. However, if the co-owners provide services to the tenants, a partnership exists."
https://www.irs.gov/instructions/i1065#idm140242305001840