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Investors & landlords
@Carlthank you for the detailed explanation. Maybe I misspoke or didn't fully put down all of my thoughts as I was taking in all of this information from all of the various replies but I think we are good even according to your post. Let me respond point by point.
1. Sorry, what I meant by that was going forward we could work out the best way for him to get the properties into my name which would make it more simple for me to file everything in the future. As for this year you are correct it wouldn't do anything and we aren't planning to do that with this property at this time. I was just meaning going forward with other properties. Of course the best way to do that we would have to determine and do more research on to find the optimal way to do that for our situation.
2. I am not a tax expert obviously so when I said "should" that is my way of saying I think that is right but waiting on you all to confirm that for me. So yes he would be filing as you say.
3. I didn't understand how and who is supposed to provide those documents. I have only ever gotten W2's or 1099s from any employers I have ever worked for before. I may be wrong but I don't believe we have to get that complicated with it after looking over everything. I would just simply fill out my income and expenses on that rental income in the Sch C area as a "property manager". My step dad would show the income as you say and then turn around and report it as an expense as you say.
4. I love the detailed breakdown here. So yes according to that I wouldn't have to do the 1099 and just put in my part into the Sch C section. Then my step dad does as you mention claiming the income then expensing it right back out. Which is basically what the CPA explained to me to do as well. He also didn't charge me anything for the discussion we had over all of this. As far as moving the property deed over to me thanks for the info, and yes we will have to look into this in more detail to figure out the most optimal (legal) way to do this so I don't get killed as you say in taxes and fees, etc. Maybe we go the route of Inheritance as opposed to the gift route?
Again thank you all for the information/comments/and help. I appreciate it!