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lindavgum
New Member

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

 
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Accepted Solutions
Vanessa
Level 3

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

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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5 Replies
Vanessa
Level 3

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

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. 

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

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lindavgum
New Member

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

Does she have to claim it on her return?
Vanessa
Level 3

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

No, it is a gift from you.  Gifts are not taxable to the recipient
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SweetieJean
Level 15

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

Is Mom a member of the LLC?
thnxdad
New Member

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

No.
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