1. taxable income.Any fee paid by the co-ownership to a broker must be comparable to fees paid by unrelated parties to brokers for similar services.
2.A person can deduct mortgage interest if they own the property and are liable for the debt and make the payments.
Under § 1.761-1(a) and §§ 301.7701-1 through 301.7701-3, a federal tax partnership does not include mere co-ownership of property where the owners’ activities are limited to keeping the property maintained, in repair, rented or leased.
