My daughter & I purchased an investment property in 2018. What is the best way to include this in our 2018 tax returns?

Forum|Forum|7 years ago
June 6, 2019
3 replies
0 views

No text available

TurboTax Premier iOS

Best answer by Critter

I highly recommend you sit down with a local tax pro and be educated on what needs to be done in your state ... you may be able to simply split the Sch E between the 2 returns or you may need to file a separate partnership return which is due 3/15/19.

Critter

Employee

Did you do anything with it ? Did it earn any income ? Did you set up a partnership for it yet ?

J

jparker100Author

Employee

Both units are rented so yes to income. Have not setup a partnership. I asked my mortgage company about transferring the house to an LLC and they said I could not.

CritterAnswer

Employee

I highly recommend you sit down with a local tax pro and be educated on what needs to be done in your state ... you may be able to simply split the Sch E between the 2 returns or you may need to file a separate partnership return which is due 3/15/19.