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ron2024
Returning Member

defalut classification

Single member LLC, by default, it reported on the Schedule C of 1040. 

 

But my LLC is owned by one Corporation. What tax form do i need to use?

 

Thank you

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5 Replies
JulieS
Employee Tax Expert

defalut classification

Yes, in a case where the single member LLC is owned by a corporation, the LLC should be reflected on its owner's federal tax return as a division of the corporation.

 

In other words, you report this income on the tax return of the corporation that owns the LLC. See the IRS guidance for this issue. 

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ron2024
Returning Member

defalut classification

Thank you so much!

 

Just combine my Corporation with my LLC' income and expenses, right? For example,  LLC has a wage expense $100,  Coporation has a wage expense $300.  So i put $400 as wage expense on my 1120 form. right ? 

 

Thank you

JulieS
Employee Tax Expert

defalut classification

Yes, that's correct.

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ron2024
Returning Member

defalut classification

Thank you! I have another LLC  owned by a corp that is registed in another country. This Corp does not file 1120. What tax form i need to use? thanks 

RobertB4444
Employee Tax Expert

defalut classification

For purposes of filing in this country it does not matter what country your subsidiary is in - it needs to file as part of the owner corporation's tax return here.

 

If a foreign corporation has a subsidiary that is located here in the US then that subsidiary portion must file US tax returns.  Some countries have reciprocal agreements with the US that may supersede this so you'll need to check on that.

 

@ron2024 

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