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