Series LLC

[shubhron]

I have a Series LLC in Illinois with rental properties in Illinois and Florida. Would I oput only Illinois for state where business conducted or both Illinois and Florida?

[tagteam · Accepted solution]

You can input Florida, but it is actually immaterial since Florida does not impose a tax on LLCs except for those that are classified as corporations or if one or more of their owners is a corporation. 

See https://floridarevenue.com/taxes/taxesfees/Pages/corporate.aspx

[shubhron]

Does that mean that I don't have to file Florida State tax?

[tagteam · Accepted solution]

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@shubhron wrote:

Does that mean that I don't have to file Florida State tax?

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That is exactly what that means unless, as stated, you elected to be treated as a corporation (highly unlikely with your particular entity structure) or one of your members is a corporation (also highly unlikely).

However, since you own a rental in Florida, you should be aware of Florida's tangible personal property tax in the event that rental is offered furnished. Check the link below for the web site of the county property appraiser's office for the county in which your rental is located.

https://floridarevenue.com/property/Pages/LocalOfficials.aspx

[brightsidenterprises]

Hi,

I plan to start a Series LLC  in Texas with 4 rental properties  & I was wondering if Turbo-tax for Business would be able  to handle Series LLC tax filing.

Thank yo for your advise

Juan

[BrittanyS]

Can you clarify the type of LLC you are trying to file?  For example, will the LLC file as a corporation or partnership, or is it a single-member LLC?

[tagteam · Accepted solution]

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@brightsidenterprises wrote:

I plan to start a Series LLC  in Texas with 4 rental properties  & I was wondering if Turbo-tax for Business would be able  to handle Series LLC tax filing.

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See https://www.americanbar.org/groups/business_law/publications/blt/2013/02/03_sparkman/

TurboTax Business should be able to handle this scenario, albeit there may be extra work on your part.

[brightsidenterprises]

Hi Brittany, 

The plant is to file as a partnership( with two members). 

Thank you

[HelenC12]

Yes, TurboTax Business can handle a series LLC. The benefit of a series LLC is that each entity, in a series LLC, has its own liability protection. 

[BrittanyS]

Yes, TurboTax Business will file partnership returns.  

A partnership will file an annual information 1065 return to report the income and expenses from its operation but does not pay income tax.  The income tax from the partnership will pass through the profits or losses to each partner.  The partners will then report the K-1 issued from the partnership on their personal return.  

TurboTax will file the 1065 form with K-1s being issued to each partner.

For more information on Partnerships, see the link below:

Partnerships

@brightsidenterprises

[Edited 02/8/23| 8:05 AM PST]