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Is the property held for business purposes? If so, an LLC may be appropriate for tax or liability reasons. If you are figuring taxes for last year, then the LLC idea is too late.
Since 50/50 ownership is normally an implied partnership, there should be no tax consequence.
If it is a vacation home with no rental, then your property normally does not have a business purpose and cannot be held as a business.
These comments are merely in general terms of course. Your situation may require addition information and planning.
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Elvis has left the building.
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