Posted by John K Haslach, CPA, MST on August 02, 2006 at 16:44:24:
You have some serious tax issues here. Work with a qualified advisor.
Partnership Ending … - Posted by Brad A
Posted by Brad A on July 31, 2006 at 03:57:31:
My brother & I started a partnership 10 years ago
where he put up down payments on 2 rental houses
and I managed them. The houses were kept
in his name so that 100% of writeoffs would
go to him. At the end, we split the houses;
he kept one and I reimbursed him for the down payment
on the other (which took the form of my being a
nominee for part of the gain on the house he kept
and sold). He’s going to deed the remaining house
over to me.
How do I report this to the IRS ?
What will be my basis ?
Suggestions on structuring this ?
I intend to have the house end up in an LLC
that I control.
Thanks in advance,
-brad a.