THis is not a rental property, it is a house that was built only to sell. So forget the rental property income etc.
The LLC was formed to build houses. However, the LLC had originally no history or track record so the bank asked for the credit to come from the partners which is how the DEED came to put just the owners on the original purchase of the land and subsequent building of the property.
The Building loan was converted to a mortgage currently being paid by one of the partners.
For the purpose of doing taxes, given that the property is deeded to 2 individuals who are the partners of the LLC, Should the taxes just be split without going through the LLC?
