CelloPlaya
Returning Member

Brother & Sister Inherent Rental Property - Need to create Partnership/LLC?

Our mother passed away in 2020 and she had a 2 unit rental property that transferred ownership to my sister and myself upon her passing.  

 

Do we need to create a Partnership or LLC entity and  file a Partnership/LLC return to generate K1s?

Or perhaps can we simply report 1/2 of the expenses/income on our respective Schedule E forms?

 

Thanks!