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Returning Member
posted Mar 31, 2022 10:09:12 AM

Single-member Offshore LLC - Tax Filing?

Hi,

 

I own an offshore LLC (Nevis) that is in turned by a living trust. The LLC owns a condo that is my primary residence, hence no income of any sort. A few questions:

 

1) Would my LLC automatically be considered a disregarded entity for tax purposes - i.e., I can just file as part of my personal tax?

2) If not, can I file Form 8832 alongside my 2021 personal tax?

3) Where can I file these (form 8832, and schedule c) on Turbo Tax?

 

Thanks loads!

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3 Replies
Expert Alumni
Mar 31, 2022 5:03:58 PM

Your LLC is automatically considered a disregarded entity.  You would file Schedule C if there was any business purpose, but a personal residence is not a business.   Based on the information you have provided, there is no reason to file a Schedule C for you LLC, as there is no revenue and no deductible expenses.

Returning Member
Apr 1, 2022 5:43:28 AM

Thanks David! To be clear, even offshore LLCs are automatically considered disregarded entity if single member?

Expert Alumni
Apr 4, 2022 12:42:56 PM

For income tax purposes, an LLC with only one member is treated as an entity disregarded as separate from its owner, unless it files Form 8832 and affirmatively elects to be treated as a corporation per IRS regulation.

 

@ds632