Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- Foreign Real Estate Investors
Foreign Real Estate Investors
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
CuttingTaxes
Level 1
02-20-2021
03:07 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a new client who is a Canadian citizen and who lives in Canada. He has rental property here in the states that he owns with his brother who also lives in Canada. Their last year's return is a 1040 NR where they just split everything 50/50 income and expenses on schedule E and filed two separate 1040 NR. They both are on the title of the property. I thought they should be filing a 1065 US partnership return too? They have had the rental for 5 years now and the prior accountant never filed a 1065, just the 1040NR's. Should they also be filing a partnership return?
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
itonewbie
Level 15
02-22-2021
10:24 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Joint ownership of a rental property generally doesn't give rise to the establishment of a partnership for federal tax purposes pursuant to §301.7701-1 and various rulings provided certain conditions are met. These include, inter alias, co-owners holding titles as tenants in common and not treating the co-ownership as an entity.
---------------------------------------------------------------------------------
Still an AllStar
Still an AllStar
