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Updated about 3 years ago,
How to Do Real Estate Partnership without 1065
I've read that you can file real estate partnerships without actually filing a 1065.
"The IRS and the courts have stated that mere co-ownership, rental, and maintenance of real property does not create a partnership for federal income tax purposes. Similarly, mere agreements to share expenses do not create partnerships for federal income tax purposes."
How would me and my partner file taxes for 2021 if one person is on the loan, but both are on title?
1. Do we split the one 1098 form on our own Schedule Es even though one person is on the loan?
2. Is this something that can be done on Turbotax?
Thanks in advance