My 3 siblings and I own and rent out a property (in Florida) that we inherited from our parents 4 years ago. From reading around, it seems that we don't have to create and register an official partnership with an EIN, etc. What I have been doing is using TurboTax Business program to create a fake 1065 return (which I won't to be filing) to calculate a Schedule K-1 showing 25% income and expenses for each of us to enter into a Schedule E on our individual tax return. I base this based on the following article posted last year in this forum.
https://www.irs.gov/pub/irs-drop/rp-02-22.pdf
I believe we can just transfer the information from the K-1 I generated by creating the temporary 1065 return to a Schedule E on our individual returns. Would this be OK as the consensus seems to be that we don't have to create an official partnership for jointly owned property used for rental?
