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Updated 7 months ago, 05/01/2024
JV agreement signed- accountant says I can't use for taxes
I have several properties I did a JV agreement on with someone while we were feeling each other out. We have since formed a joint LLC, and properties we held were moved to it at refinance. The issue is at initial purchase. I used a HML for some and he did for others, only in that person's name. We signed a JV agreement afterwards showing 50/50, but names were not added to title until we changed to the LLC ownership. The issue now is that my accountant says I can't use any of those expenses he has the loan on because I wasn't legally named on mortgage or title. If that is the case I will be missing out on significant tax savings. This doesn't seem correct, as I know there are lots of JVs that seem to have no issues. What are my options and potential workarounds? I don't think I can go back and claim those when we moved the property into the LLC and actually put the unit into service. Appreciate any assistance here because our respective accountants disagree and the partner's taxes were already filed.