Posted by TheDane on February 12, 2005 at 13:18:35:
…a dull and muddy-meddled rascal. Get thee to a doctor—you’re in need of help.
H.
Investors with LLC Tax Help TURBOTAX - Posted by Billy
Posted by Billy on February 09, 2005 at 18:01:16:
I am in the middle of doing my taxes on Turbotax Premier. I have come to the section that asks me if I have any rental property. I check yes and it goes into date aquired, how much I paid, etc.
My rental is held in a trust with my wife and I’s LLC as benificial interest. Do I continue filling out turbotax as if the rental was mine personally??? Were does the LLC come into the picture??
Thanks
Re: Investors with LLC Tax Help TURBOTAX - Posted by Well IF???
Posted by Well IF??? on February 10, 2005 at 19:26:47:
Well if everything flows thru and gets put on my personal taxes that what do I put on Form 1065 for my LLC. Do I just send in a blank form with the company name on it or hold back one or two things just to put on there??
Re: Investors with LLC Tax Help TURBOTAX - Posted by Dennie
Posted by Dennie on February 10, 2005 at 14:17:16:
You need to be careful about following the advice given here. LLC’s have a number of tax options available depending upon their intent and what arrangements you have made with the IRS. You need to research the IRS site or get a good CPA. The information from Turbo Tax is not correct for every situation.
Re: Investors with LLC Tax Help TURBOTAX - Posted by Randy (SD)
Posted by Randy (SD) on February 10, 2005 at 11:52:42:
You know, TurboTax and TurboTax for the Web has been most extensive “Help” options of anything currently on the market. Learn to use the tools you have available to you, I went to TurboTax.com and entered “LLC” as the search criteria here’s your answer:
(edited for content)
Tax Implications
Although there is no federal tax paid at the LLC level, the company is required to file an annual information return (Form 1065) with the IRS. Members who work in the LLC must pay self-employment tax (social security and Medicare) on their distributive share of earnings from the LLC. Passive investors in an LLC do not have to pay self-employment tax. Single-member LLCs are treated like sole proprietorships for tax purposes and must report income on Schedule C.
You can find the full definition by pressing F1 for help, searching within TurboTax Premier or go to their web site http://www.turbotax.com/articles/tax_considerations_for_small_business_entities.html
Re: Investors with LLC Tax Help TURBOTAX - Posted by SuperCat
Posted by SuperCat on February 09, 2005 at 18:57:18:
Well if the LLC’s only members are you and your wife then it is a single member LLC and is ignored in the eyes of the IRS, so you would treat the rental as if it was in your own name. The LLC only comes to play in this situation as a liabilty shield. But if you are unsure, then you should get a CPA. Let him do it this year and then it will be easier to do it your self next year.
Re: Investors with LLC Tax Help TURBOTAX - Posted by Brad Crouch
Posted by Brad Crouch on February 09, 2005 at 22:21:24:
Supercat,
If the LLC is a single member LLC, there is no liability protection. This
is considered a sole propreitorship and the liability protection is not
present.
You must have a multi-member LLC that is taxed as a corporation in
order to have the protection you speak of.
Brad
Re: Investors with LLC Tax Help TURBOTAX - Posted by Tom(MI)
Posted by Tom(MI) on February 10, 2005 at 09:18:54:
“If the LLC is a single member LLC, there is no liability protection. This
is considered a sole propreitorship and the liability protection is not
present.”
What you talkin about Willis?
Re: Investors with LLC Tax Help TURBOTAX - Posted by SuperCat
Posted by SuperCat on February 10, 2005 at 08:40:20:
You could not be more wrong. Your post is a warning to all others who take advice from message boards.
Re: Investors with LLC Tax Help TURBOTAX - Posted by Brad Crouch
Posted by Brad Crouch on February 11, 2005 at 20:37:48:
Tom,
Who’s Willis?
Do some research yourself if this is an issue that concerns you.
Brad
Re: Investors with LLC Tax Help TURBOTAX - Posted by Brad Crouch
Posted by Brad Crouch on February 11, 2005 at 20:34:27:
Supercat,
You’re letting your alligator mouth overload your canary @ss. You
have the choice of either researching the subject yourself (I’m not your
secretary), or labor under the belief that your protected from
liability with a single member LLC, and pay the consequences later.
I suggest you start by checking out www.taxreductioninstitute.com
(Sandy Botkin’s website).
Guys like you make me sick. Don’t bother apologizing later.
Brad
Re: Investors with LLC Tax Help TURBOTAX - Posted by SuperCat
Posted by SuperCat on February 12, 2005 at 08:08:02:
You immediatley resort to calling names. I guess you have to, because your position has no basis.
I went to your site to see what kind of crazy person would state such a thing and did not find any crazy statement there that you had to have a multi-member LLC and elect to be taxed as a corporation to have liability protection.
The only flaw pointed out there is that if someone has a single member llc and also personally does something to expose themselves to liability. (Example driving the single member llc owned car and running into a school bus of medical students). Well news flash the same problem exists if it is a c corp or S corp or multi-member llc. You still have the liabilty protection of th esingle member llc, but you individually have no protection. The lack of protection is that you were personally involved there not the single member llc has no liability protection.
The only other thing they point out is that a single member llc doesn’t have much use as an asset protection tool since the ownership interest can be seized, which is not in your original post and outside the liability discussion. The original poster asked for tax filing help and you provided none.
I would like for you to explain how there would be no liability protection in this scenario:
I have a single member llc and it owns a house. The management of this company is done by a s corporation that I also own and my employees do all the face to face dealings with the tenant.
How does the llc not provide liabilty? And if it doesn’t then why did the 50 state legislatures bother creating a “limited liability” company?
Feel free to call me some more names, but the law is on my side.
Re: Investors with LLC Tax Help TURBOTAX - Posted by Brad Crouch
Posted by Brad Crouch on February 12, 2005 at 13:00:25:
Supercat,
> You immediatley resort to calling names. I guess you have to,
> because your position has no basis.
No, I haven’t called you names. But I think you are worthless, non the
less.
A prudent man who has read my statement would say, “Really? Could
you explain how that works?”, or something like that. If that had been
the case, I probably would have “spoon fed” you the information. But
you had a knee jerk reaction and concluded that any statement that
was contrary to your belief, had to be a lie.
What you said was:
> You could not be more wrong. Your post is a warning to all others
> who take advice from message boards.
I probably would have “spoon fed” you the information, had you
responded as a “prudent” man. But you chose to call me a liar and
indicate that I was misrepresenting the truth and that readers of this
newsgroup should not listen to advice (from anybody?) read here.
This is clearly a case of “you don’t know what you don’t know” and now
you come with questions . . . and not even in a civil manner. You still
seem to think I am a liar (without even considering the remote
possibility that I might know something that you don’t, and there is no
way (in your mind) that there is any value here in this challenge to
“conventional” thinking.
> I went to your site to see what kind of crazy person would state such
> a thing . . .
That was not MY site. I am very sure of this because I have no web
site. I merely took some pity on you (despite your offensive attitude)
and gave you a place to START researching.
> The only other thing they point out is that a single member llc
> doesn’t have much use as an asset protection tool since the
> ownership interest can be seized, . . .
Ya think? Didn’t you say there was no “basis” for the point of view that
single member LLC’s had no liability protection? (this represents only
ONE caveat)
> . . . which is not in your original post and outside the liability
> discussion.
So . . . there can be no discussion or debate (the reason this website
exists), You want ALL the information laid out for your approval, at
one time. Any points that are not immediaterly disclosed, are “invalid”,
right?
> I would like for you to explain . . .
Oh . . . NOW you want an explanation? Well, POUND SAND!
What you said was:
> You could not be more wrong. Your post is a warning to all others
> who take advice from message boards.
So I am not inclined to help you, in any way. Your mind is made up
and so I will not confuse you with the facts.
I will not respond to any of your posts (outside of this thread), and I’ll
ask you not to respond to any of mine. I’m happy to help anybody who
looks like they’re getting in trouble, except you. I don’t give a rodent’s
tail whether you make it or not.
> Feel free to call me some more names, but the law is on my side.
Really? You’re sure?
Every once in a while, I stumble accross an unreasonable person who is
dictated to by his ego. Yesterday, it was you
Brad Crouch