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luckymdame
New Member

I have a one member LLC that operates as an investment group. We pool outside capital from our members and trade securities. I am wondering how i should file taxes??

 
2 Replies
DaveF1006
Expert Alumni

I have a one member LLC that operates as an investment group. We pool outside capital from our members and trade securities. I am wondering how i should file taxes??

If this is a single-member LLC (you are the sole owner), then you will file the information for that LLC on your personal income tax return using Schedule C (Self-employed profit and loss). To input your Schedule C LLC activity:

  • Sign in to your account and click on the orange Take me to my return button (skip this step if you are already in your return)
  • Click on federal>wages and income>all income>Self-Employment
  • Self-employment income and expenses>start
  • TurboTax will walk you through inputting your business profile>your business income and expenses
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tagteam
Level 15

I have a one member LLC that operates as an investment group. We pool outside capital from our members and trade securities. I am wondering how i should file taxes??

"We pool outside capital from our members and trade securities"

 

I agree with @DaveF1006 with respect to your taxes (i.e., single-member LLCs are disregarded).

 

However,  if you are pooling your funds with other LLC owners, individuals, et al, with an agreement to split profits/losses from investments or trades, then that sounds more like a partnership than anything else.

 

The foregoing begs the question as to whose taxpayer ID number is on the tax reporting statements (presumably a 1099-B). You might want to seek professional guidance for this scenario to ensure all aspects comport with the arrangement you have with other members of the "group".

 

 

 

 

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