Q: How siblings buy property as equal partners. How should bank accounts and taxes be handeled
3 equal buyers sister set up as account holder. Runs through her SS#
A:
You should form a partnership in a simple way. Get a FEIN for the Partnership and open an account for the partnership. Put the property in the name of the partnership and file a partnership return for the 3 of you each year.
If you do not want to do that, then the property should be held as tenants in common, each of you having an equal share. There should be an agreement about management and sale of the property between the 3 of you so there are no major disagreements in the future. Then you should create a joint account between the 3 of you for operating the property.
You need to make sure the bank, assuming you are getting a mortgage is ok with this as well.
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