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Updated almost 3 years ago on . Most recent reply
Taxes On A New LLC With No Revenue?
I started an LLC in 2021, purchased a distressed house and am rehabbing it. I haven't sold it, so no revenue is coming, just a bunch of money going from personal to LLC, then out of LLC to the house. Do I need to file taxes? I've gotten 2 opposing answers.
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Greg Scott
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Greg Scott
#3 General Real Estate Investing Contributor
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- SE Michigan
Whether or not you need to file depends on how you have set up your LLC. Failure to file, when it is required, has a pretty sizable penalty. It would be much cheaper to hire a CPA that knows what they are doing.
See the IRS web site for additional details https://www.irs.gov/businesses...