When filing taxes at the end of the year for my LLC, should I file as a corporation or partnership? What are the pros and cons?
How did you elect to have your LLC treated for tax purposes when you registered your LLC?
If you made no election, how many members are there in your LLC?
I haven’t started the LLC yet! But there are two of us.
Do you live in a community property state?
What general strategy will you use for your LLC to invest in real estate? Buy and Hold? Property Flips?
Dave T what about if you are doing both, buy and hold and flips?
to answer your original question, you file the form for how you have chosen to tax your LLC. A mult-member LLC can choose from partnership, C-corp or S-corp taxation.
you tax decision will depend on:
- what you are doing. ie: will it be a capital gain or a passive loss?
- how will you be paid by the LLC? are you going to get a salary, or a distribution from profits?
- are you even going to make any profits? many rentals have losses most years, so “tax” is a moot point.
- a few other things, but those are the basic questions to answer first.