Newbie buying a duplex with a friend

[Pari Thiagasundaram]

Hello !

So far i have only managed the property (1 condo) that we had lived in and this is the first time, i am planning to buy a duplex in CA with a friend. 

One question that has constantly been lingering on my mind is, how is the taxation going to work at the end of the year as we dont plan on forming a LLC for now. (Just getting a better umbrella policy).

Anyone been in this situation before ?

Thanks !