LLC Tax Question
If the rental property is deeded to the LLC, but the loan is in our name (not the name of the LLC) how do file? Does it matter if we put the house on our personal tax return or should it be separate? Any advice appreciated.
Typically, if the LLC is a single member LLC it is considered a disregarded entity for income tax purposes and the IRS would treat it as if you still owned the property. You would report everything on your income tax returns.
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On 2004-09-10 00:01, wexeter wrote:
Typically, if the LLC is a single member .....
Only my husband and I are both in the LLC.....a partnership. So can we still file on our own tax return?
According to the assesors office in Contra Costa county, if the property is transfered from hsband and wife to a single member (husband and wife) LLC , there is no reassesment for taxes. According to my CPA, a single member LLC (like an S corp) is a "flow-through " entity, meaning, all profits and loses "flow-through" to your personal income tax return. :-o
Yes, the LLC is a pass thru entity and everything would be reported on your income tax returns.
And, if you and your husband live in a community property state and file a joint income tax return you are still considered to be a single member LLC.
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Thanks for the info, you guys explained it much better to me than my CPA did. Thanks again. :-D
How would i find out if Georgia is a "community property state"?