Initial Filing 1065 - No Properties Acquired Yet

Forum|Forum|2 years ago
October 24, 2023
2 replies
24 views

Hello

We formed our LLC in November 2022. We had not purchased any properties yet and are pushing all formation expenses to 2023.

With TurboTax, I cannot move forward without entering an asset.

What is the suggested route to take to complete this form, as I am now a month+ late to file.

Thank you

Brad

[email address removed]

TurboTax Business Windows

Best answer by Anonymous_

If you have not begun operations (i.e., are not "open for business"), then you do not need to file any form with the IRS on behalf of the LLC.

Anonymous_Answer

Level 15

If you have not begun operations (i.e., are not "open for business"), then you do not need to file any form with the IRS on behalf of the LLC.

Carl

Level 11

Your reference to "our" LLC indicates this is a multi-member LLC which will file IRS Form 1065. If your LLC was not "open for business" in 2022, then you don't need to file anything. A tax return is not required until the tax year you are officially "open for business". If you had no properties on or before Dec 31 of the tax year (rental property I presume?) Then you are not open for business.