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Updated about 9 years ago on . Most recent reply

Account Closed
  • Ridgewood, NY
5
Votes |
32
Posts

Tax Question: 2 Partnership returns? Can you split a 1099?

Account Closed
  • Ridgewood, NY
Posted

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!

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