All Forum Posts by: Conor Walsh

Yes that’s what we did. We marked the 2022 as the final return for the partnership

Hello everyone, looking for some input from someone who may have done it in the past. My last years accountant made it sound like filing by myself would be easy this year as sole owner but I’m stumped on which forms my father and I need to file. 

At the end of 2022 my father and I finalized our partnership. We purchased the rentals for $1,386,000. He owned 49% I owned 51%. In exchange for his 49%. I am paying him $510,000 at 4.5% rate over 10 years. Last year my accountant said he would only have to pay the capital gains on the portion of principle he received each year. I just don’t know which forms should be filed. 

This may be a stupid question but Can an LLC owned property pay back the HELOC I have on my home? My idea is to take out a HELOC on my home and use it to buy property and then have the LLC pay it back as the property cash flows.