EIN Number for rental property

[Nahal Beckam]

Hello, we have a rental (me and my husband) that we manage ourselves. In order to open a business account I applied  for an EIN number under the category of partnership. I wonder if we need to file some additional tax return forms now that we have EIN?  I heard that if we do not fill the tax return forms properly we will be fined about $600 each. any response is appreciated.

thansk

[Brady Boyer]

Yes, you must file a form 1065 (information return) and then also include any income / deductions on your personal return. 

What was the reason for doing this? You should consult a lawyer but assuming both your and your husband are general partners in the partnership you still have unlimited liability if you are sued. As this is the case you could have just continued to operate the rental in your name.