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mbacot
Level 2

State return for Arkansas LLC owning and managing property in Florida

I am one of two members of an Arkansas LLC formed to own and manage rentals for two properties located in Florida. TurboTax seems to suggest that I apportion the income earned in Florida (which would be all of it) versus income earned in Arkansas on the Arkansas return. We actively manage short-term rentals of these properties.  It seems that the income should be included on the LLC's Arkansas return, and flow through to my sister and I on a K-1 for Arkansas, too, based on our residency and the address on record being in Arkansas. We actually have a loss after depreciation.

 

Thank you!

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Accepted Solutions
DaveF1006
Employee Tax Expert

State return for Arkansas LLC owning and managing property in Florida

Since your base of operations is in Arkansas and not Florida, my suggestion is to file the Business return as an Arkansas entity and both of your K1's will be reported on your Arkansas individual tax returns.

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2 Replies
DaveF1006
Employee Tax Expert

State return for Arkansas LLC owning and managing property in Florida

Since your base of operations is in Arkansas and not Florida, my suggestion is to file the Business return as an Arkansas entity and both of your K1's will be reported on your Arkansas individual tax returns.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

mbacot
Level 2

State return for Arkansas LLC owning and managing property in Florida

That is where I was leaning. Thank you!!

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