JV deals - do you put both entities on the deed and/or title?
Good afternoon all,
Taking a quick census here for all the JV veterans as to whether you put both your entity and your JV's entity on (as say, 50/50 ownership):
a) Note deed itself
b) Property title if you take the property back (through foreclosure/deed in lieu, etc)
I've seen both, as there appears to be some confusion as to the best way to avoid IRS taxing the JV as a partnership. Do you issue a K-1 to your partner or a 1099 at year end?
Assume anyone offering JV's has consulted with their CPA's and Tax Attorneys -- and I realize that most of you are not those yourselves -- just looking to see if there's a consensus, with the caveat that it may differ somewhat state to state (I'm in California). Maybe @Brandon Hall has some thoughts?