It's unclear on how that plays into your question about taxes.

We also had a transient tax and municipality as well.

Not really a tax question as the membership % decides who does, gets and deducts what. 

I’ve been working with real estate financials for a while, and I keep seeing one mistake that costs investors thousands: poor bookkeeping leading to missed tax deductions.🚨 Common issues I see:❌ Not properly tracking repairs vs. capital improvements❌ Missing out on cost segregation & depreciation write-offs❌ Scrambling at tax time instead of planning proactivelyI’d love to hear from the group—what’s been your biggest tax headache as an investor?

@Daniel MadhavapallilYou should hire a tax professional. 

And you now have to file three tax returns:- partnership tax return- your individual tax return reporting 1/2 of the partnership losses- your partner's individual tax return reporting their 1/2 of the partnership lossesAnd while partnership return can be DIY-ed, it probably should not be.

Every time you lower your tax bracket you are lowering the value of the deductions.

@Eli JermanYes, you should hire a tax professional.

If your friends have a rental they should hire a tax professional. 

Hence the lot on which the house resided was taxed at a 45% discount based on actual value, while the tennis lot was taxed at about 4 times what it should have been by value.