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Updated about 9 years ago on . Most recent reply
Tax Question: 2 Partnership returns? Can you split a 1099?
Hey all,
Myself and 2 other partners had a great 2015 starting our rental property business! We have 5 properties all purchased in 2015.
4 Condos- 3 purchased in all 3 of our personal names, 1 purchased in a LLC with the same people.
2 of the 3 purchased in our names were then quit claimed to the LLC (working on getting the last one in there as well). They were in the LLC for about a month of the 6 months owning them.
1 SFH- Title and Mortgage only has 1 partner on it. He also receives a 1099 from the PM company in his name.
Questions:
1)Do I need to file two partnership returns, one for the LLC and one for the properties purchased in our personal names? 2/3 properties were not in the LLC for most of the time.
2) Can we somehow split the 1099 and mortgage interest on the sfh without causing a red flag?
Hopefully someone on here can help lead me in the right direction. Thank you!