Partnership and taxes

[Michael Jones]

So my friend and I plan on embarking into the world of rental properties and signing a general partnership agreement. My question is if one of us purchases the property and the partnership agreement splits all income and expenses 50/50, at the end of the year can we split the depreciation and mortgage interest 50/50 for our personal taxes? Thanks for all your help.

Mike

[Daniel Hyman]

@Michael Jones

You might want to think twice before setting up an LLC where the property is held in a partner's personal name. This can become a big mess very quickly. Highly recommended to seek out a competent CPA to guide you through it.