Claiming Taxes and expenses with a business partner

[Patrick Dundon]

Hi All!,

My business partner (friend) and I have closed on three properties this year. We are simply 50/50 owners of each property and do not have an LLC. My question is when we claim expenses for the properties will this affect us or will it just be we each get to claim 50% ? We have a joint checking account for which all bills/expenses are paid out of and income taken in is deposited. We keep very detailed records but I'm not sure how this will work come tax time. Does anyone have experience with this type of situation?

Thank you,

Pat 

[Lance Lvovsky]

You will each get to claim 50% of expenses, and pick up 50% of income. Just continue paying all expenses from the joint account, and keep good records, and you will be fine.