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Tax Treatment: Individual or business entity
I purchased one fourplex in CA last year with one partner. Meanwhile, I created one LLC and business bank account to pay property tax, mortgage and day-to-day operating cost.
Per lender's requirement, the title is held by individuals as "tenants in common" rather than LLC. Property tax and Form 1098 is sent to individual and paid using my LLC account.
My question is: Can I use form 1065 to cover all the costs like property tax, mortgage 1098 whose receipt are for individuals?
Would you please share your insights?
Regards, Zhenyang