JohnH Posted September 27, 2017 Report Posted September 27, 2017 Client is a resident of NC who owns a rental property in Florida. Client has decided to form a Florida LLC for asset protection reasons. It will be a multi-member LLC with taxpayer and spouse as the only two members. I'm thinking there's no reason to elect corp tax filing (S or C), and to simply report the LLC income/expenses as a partnership on Form 1065. Since I don't know much about business tax filing requirements in Florida, I'd like to ask if there are any problems with this approach? Quote
BLACK BART Posted September 27, 2017 Report Posted September 27, 2017 Well John, It's okay with me. P.S. In such cases where I don't know what the hell I'm doin'; I tend to follow that rule of "Do what you want to do...and the hell with everybody else." 1 Quote
Catherine Posted September 27, 2017 Report Posted September 27, 2017 Husband and wife for a rental property - sounds like a 1065 to me. Side-steps the whole "compensation" issue of an S-corp, too. 1 Quote
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