Taxes question for joint partnership

[Marcony Simoes]

Hi All,

Tax question coming up!

I recently purchased a property with a friend, all the costs were split 50/50 (Purchase, Rehab, closing and etc) However, the property was purchased under my name only.  Considering the property was in my name only; Are we both still able to deduct expenses such as rehab cost, closing cost, property taxes, mtg insurance and etc. ? 

We have since refinanced the property into an LLC which we are both equal partners but i'm wondering if there is a way for us both to take advantage of the tax incentives prior to the property going into the LLC.

Thanks in advance for your input!