Partnership and Taxes

[Michael Sherwood]

I currently own two properties with a partner. We purchased both properties in 2010 as a 50/50 split on both. The problem is I am the mortgage holder for one and he is the holder for the other. We are running all the transactions (deposits and withdrawls) out of a Business Partnership account. The problem is when deducting expenses and claiming income since each property is in a different name. As far as a tax strategy( outside the mortgage interest which can only be taken by the person whose name is on the mortgage) can we just split all expenses and income 50/50?

[Michael Sherwood]

I think maybe what I said is misleading. What I mean is he put 50% of th cost up for the property I own (well in my name) and vise versa.