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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!
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May 3, 2021
8:51 PM