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Updated almost 5 years ago,

User Stats

35
Posts
6
Votes
A.R. Coningsby
  • Flipper/Rehabber
  • Bedford, OH 216-678-4789
6
Votes |
35
Posts

No Equity Partnership Deal Tax Question

A.R. Coningsby
  • Flipper/Rehabber
  • Bedford, OH 216-678-4789
Posted

Don't have a lot of knowledge regarding filing taxes but last year I partnered with a family member on a deal I found in Northeast Ohio, close to where my new Job was. It is a duplex, 2 buildings one lot, long time section 8 tenant paying above market rent in back unit, with vacant front unit. The deal with my partner was that I live free utilities and rent for 5 months while I simultaneously do the rehab on the Unit I'm living in. My partner paid for all the materials/tools. I received no equity position but i wanted to get my feet wet in rehabbing.

My question is, are there any tax benefits I have as a no equity partner in which I did all the rehab work on a property, while my partner has let me live for free last year?

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