Boy am I on a roll in this discussion!

General Real Estate Investing
1

For all you more knowledgealbe investors using LLCs for their investments. Right now I have a plain vanilla LLC. I was not knowledgeale at the time I had it set up so the re attorney gave me the boring version. I decided I wanted to have my LLC act as like an S corp. I found out that IRS has forms out there, one of which is 8832, I also found another form 2553 which pertains the LLC actign as an S corp.

So my question is do I use only form 8832 and notify the IRS that I am changing my LLC to LLC acting as S corp? Or are there other forms I need to submit as well. thanks
steve

2

File the 2553. The IRS assumes the 8832 when it receives the 2553, so you don’t need both.

I hate it when attys just give you stuff instead of explaning the options and letting you decide. Probably charged you $2,000 too.

3

actually no, it was only $385
:slight_smile:
thanks

4

Actually, I file both. The 8832 literally takes 60 seconds & sometimes the IRS does not follow logical inferences. While MCWagner is correct in re how IRS looks at 2553 in most cases, a touch of paranoia only costs you 60 seconds.

John Hyre

5

Thanks John,
I’ve just filed the 8832, now I will start working on 2553.
steve oki