We transfer money to our mother each month from our llc owned residential rental. Do I need to report this? If so, how?

lindavgum · ‎June 3, 2019

Vanessa · ‎June 3, 2019

No, this is not a deductible item for the LLC and cannot be entered anywhere. Since an LLC is a flow-through entity, this simply is you giving your mother money.

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Vanessa · ‎June 3, 2019

No, this is not a deductible item for the LLC and cannot be entered anywhere. Since an LLC is a flow-through entity, this simply is you giving your mother money.

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lindavgum · ‎June 3, 2019

Does she have to claim it on her return?

Vanessa · ‎June 3, 2019

No, it is a gift from you. Gifts are not taxable to the recipient

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SweetieJean · ‎June 3, 2019

Is Mom a member of the LLC?

thnxdad · ‎June 3, 2019

No.

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We transfer money to our mother each month from our llc owned residential rental. Do I need to report this? If so, how?