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LLC for Rental of jointly owned property of spouces

Can Spouces jointly own a property and file a 1065 tax return for a short-term active rental? Deducting interest and taxes and depreciate the property on the 1065 tax return even if it is not in the LLC name? Or does the property have to be in the LLC name to allow those deductions? 

 

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2 Replies

LLC for Rental of jointly owned property of spouces

to claim depreciation on the business return the business must own the property. Whether under state law the LLC is deemed to own the property is a question you'll have to take up with a lawyer.   another thing. if the property is not in the LLCs name it might have any protection that the LLC offers. this is also a legal issue. 

LLC for Rental of jointly owned property of spouces

https://www.irs.gov/businesses/small-businesses-self-employed/election-for-married-couples-unincorpo...


what about the above rule: that An unincorporated business jointly owned by a married couple is generally classified as a partnership for Federal tax purposes.

In this case a jointly owned short term active rental property (i.e active business and not passive rental)

In this case what name and EIN must the partnership use to be filed?

Is the partnership claiming the depreciation and interest in this case? 

Can it not be an LLC? For main purposes of having a name and EIN. 
Or are you required to transfer ownership to the partnership, or LLC? 

 

 

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