Tax filings with properties in and out of LLCs

[Armand Farr]

Hi BP - need your help with this situation:

- Properties A and B: Both were held by three partners in our own names individually (never held in an LLC)

- Property C: The last property was held in Acme LLC with FOUR, different partners then transferred to our names individually upon refinancing because lenders wouldn't lend

Questions - Gotten conflicting answers on all of these
1. Property A, B, C: Do we have to file three separate partnership returns or can we just file individually? A and B had the same partners, C had one additional partner. Or can we just distribute the profits and losses to our returns via a schedule E without the partnership returns?
2. Property C: Do we need to file an LLC AND a partnership return for the last property given we held it in an LLC and individually?
3. How to Not Get Killed on Costs: If we have to file partnership returns for all of these... that's a lot of money and it burns through cashflow on relatively cheap Houston properties. Does anyone have a better way to do this?

[Armand Farr]

@Dan Schwartz that's good news. Here's the blurb on properties owned individually. Can anyone confirm?

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Two or More Co-Owners

If you own the property with one or more co-owners, each co-tenant reports his or her share of the income and deductions from the rental property on his or her own tax return, filing Schedule E. Each owner’s share is based on his or her ownership interest (which should be listed on the property deed). Say, for example, that you take title as a tenant in common with your brother, and you own a 60% interest in the property and your brother 40%. Your brother would list his 40% share of the income and deductions from the co-owned rental house on his Schedule E and pay tax on that amount. You would list the other 60% on your own Schedule E.