Hi,
My two friends and I jointly purchased a rental property. All three of us are listed on the property deed; however, we did not form an LLC. The situation is a bit confusing:
Only two of us are listed on the mortgage, even though all three of us applied together.
The 1099-MISC we received for rental income is addressed to only one of us—the one not on the mortgage.
We're unsure how to properly file this information for tax purposes.
Do we need to apply for a partnership EIN and file a Form 1065 with accompanying Schedule K-1s?
Also, is there a way to simplify or streamline this arrangement for future tax years?
Thanks in advance for your guidance.
