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Updated about 5 years ago on .

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17
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9
Votes
Chris Ivy
9
Votes |
17
Posts

Colorado tax filing for married couple on rental property

Chris Ivy
Posted

I live in Colorado and my wife and I bought our first rental in October of 2019.  We're co owners on the title. I just met with our tax preparer who said that since we are 50/50 on the title, we will need to prepare a partnership return for our Colorado taxes.  This will supposedly add a complicated burden going forward and increase the cost of our tax preparation each year.  Is anyone aware of workarounds for this situation?  How do married couples co own real estate in Colorado without doing this?