Google Answers: Taxes on investment property bought with a partner

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Q: Taxes on investment property bought with a partner ( No Answer, 0 Comments )

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Subject: Taxes on investment property bought with a partner
Category: Business and Money > Accounting
Asked by: debndugf-ga
List Price: $5.00

Posted: 03 Dec 2005 18:31 PST
Expires: 02 Jan 2006 18:31 PST
Question ID: 601101

My brother-in-law and I bought a fixer upper. Paid 54k spent another
80k fixing it up, not including any labor on our part, or any mileage
etc. We are selling it in two weeks for 180k. two questions: are we
allowed to deduct the expense of eachothers labor and mileage. (the
property is 3 hours away from me and I went there every weekend.)
secondly, how do we file for taxes...do we need to establish a
partnership?

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