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Updated almost 13 years ago on . Most recent reply

User Stats

37
Posts
2
Votes
Zach Whitt
  • Dallas, TX
2
Votes |
37
Posts

Question about partnership filing. Did I make things more difficult on myself?

Zach Whitt
  • Dallas, TX
Posted

First BiggerPockets post!

Here's the situation. My dad "gave" me half of a property (my first rental property) in June of last year. Shortly after I made a joint business checking account with both of our names on it so I could handle managing the property through that account. Mortgage and all expenses have come out of that account for almost a year.

The issue: I was never added to the deed as there is still a mortgage on the property and the property was never deeded to the partnership for the same reason.

How will filing work in this situation?
I know if the property was owned by the partnership the sequence would be 1065, K-1, and individual 1040s, right?
Could we just submit a 1065 and then my father handle the property on his 1040 just like he did before we created the partnership?

He will be using his accountant, but I want to understand how this works and figure out what I should have done differently.

Thanks!

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