Avoid Unwanted Partnership Tax Status: Elect Out

Guide to electing out of unwanted partnership tax status to avoid extra tax filings and penalties.

If you’re involved in a real estate or investment venture with one or more other parties—perhaps co-owning property or collaborating on a business project—you might think you’re simply sharing ownership.  But the IRS may see it differently. Without proper precautions, your arrangement could be classified as a partnership for federal tax purposes, triggering filing requirements […]