I recently purchased a house with together with my father. he lives upstairs and we rent out the basement. The house is in Utah and I live in California.
When the time comes to filling my taxes, do I need to keep separate what I've spent in rental repairs/maintenance vs what my father has spent in rental repairs/maintenance? How are taxes filled for co-ownership of a rental property?
Also, I'm thinking on creating an LLC for the rental property, but I'm not sure if I'm required to do it in California or if it should be in Utah (I live in CA, my dad, who is a co-owner, lives in Utah where the house is)
Thank you!
