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Assigning partner to specific rental property

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Level 1

How do you assign a partner to an activity to a specific rental property?  Two partners in a partnership.  One partner owes property A, and second partner owes property b.  How do you designate activity at property A specifically to partner 1?  and so on

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Level 11

@tehcpa wrote:

One partner owes property A, and second partner owes property b.  


 

If one person owns the property, it doesn't belong on a Partnership return.

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Level 11

"One partner owes property A, and second partner owes property b."

Then perhaps what you have is a Property Management partnership. The Property is owned by individuals, personally, and outside of the partnership. That means they managed Property for Others, and would only have Management operations for the LLC.

Otherwise, as pointed out, a partnership needs to Own the Property for it to be in the partnership. That means the partnership LLC is owner on the Titles, for starters.

This seems like something that would be covered for CPA continuing education.

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