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Investors & landlords
a revocable trust is always a grantor trust. by the mere fact that the grantors can do whatever they want. unless the grantors take certain steps to make it irrevocable. That does not appear to have happened in your situation.
got some bad news for you. Florida is not a community property state. You have a LLC with the husband and wife as members. thus it does not qualify for the Qualified Joint Venture exception to filing a partnership return.
so you must file a partnership return that requires TT desktop software. failure to file can result in penalties of about $400 per month for failure to file. the penalty can be imposed for up to 12 months.
‎January 30, 2020
11:36 AM
18,660 Views