Hi everyone!
My dad and I just purchased our first property and have began the process to convert the home into an STR. We created a partnership tax ID and private banking account. We set up the partnership agreement as equal 50/50 partners, each contributing 50% of the costs, with my dad handling finance and accounting and me handling operations and management.
The home has both our names on both the deed and the mortgage. With all costs being handled through the partnership agreement. We plan on starting out using Vacasa to help with marketing and managing with the idea that we will eventually self manage. The issue that we are running into is, since the title and mortgage is in our personal names, Vacasa will only distribute 1099s to each of us individually and not to the partnership, which won’t work well with tax deductions. Any suggestions?
