@calm technician wrote:
- Joint-ownership: I completely understand the difference between legal entity and how something is taxed.
Just be advised that co-ownership, as far as the IRS is concerned, does not create a legal entity separate from the two owners solely as a result of that form of ownership.
....Similarly, mere co-ownership of property that is maintained, kept in repair, and rented or leased does not constitute a separate entity for federal tax purposes. For example , if an individual owner, or tenants in common, of farm property lease it to a farmer for a cash rental or a share of the crops, they do not necessarily create a separate entity for federal tax purposes.
Treas. Reg. § 301.7701-1(a)(2)
