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Updated over 5 years ago on . Most recent reply
Partnership returns, Cpa s and tax expert advices needrd
My daughter and I bought a house together in 2018. Purchase price $240k. $ from my line credit from my house. It’s 50/50 Ownership. She borrowed $120k from me and made her to pay interest and principal until she does the cashout which she did in April of 2019. She paid me back $120k. My cpa said we have to file partnership return. Is she correct? Thank you and looking forward to hear from all the experts.
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#5 Tax, SDIRAs & Cost Segregation Contributor
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#5 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- Atlanta, GA
More information is really needed...
-Ownership structure? Are both you directly on the title or do you hold via a legal entity?
-Is there any kind of operating or legal agreement.
-Does the activity rise to the level of a trade or business?
TIC vs general partnership often is determined by activity level and/or existence of a partnership agreement or an agreement that resembles a partnership agreement.