Any Tax Advantages To Closing On The Last Day Of The Year?

[Mike Roterdam]

To All,

my wife and I and partners (daughter and son-in-law) purchased a condominium investment property on December 31, 2015.

Some questions:

(1) Are there any real tax advantages to closing on the last day of the year?  Main expenses would include closing costs (loan origination and fees, and title fees).  Obviously there would not be much in 1 day of real-estate taxes, mortgage interest and depreciation.

(2) Our partnership is 50-50.  We agree to share all income and expenses down the middle. However, no "official" partnership has been formed (yet).  Is my understanding correct that each of our share of income and expenses should be reported on our own Schedule E forms?

As usual, I look forward to your feedback and a lively discussion.

Best Regards,

Mike Roterdam