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Updated about 3 years ago on . Most recent reply presented by

Dan W.'s profile image
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Dan W.
  • Flipper/Rehabber
  • from Columbia MD
  • Member since Jan 16, 2019
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Dan W.'s profile image
Dan W.'s profile image
Dan W.
  • Flipper/Rehabber
  • from Columbia MD
  • Member since Jan 16, 2019
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Dan W.
  • Flipper/Rehabber
  • Columbia MD
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Tax, SDIRAs & Cost Segregation

Taxes On A New LLC With No Revenue?

Dan W.
  • Flipper/Rehabber
  • Columbia MD
Posted

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's profile image
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Greg Scott
  • Rental Property Investor
  • from SE Michigan
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Greg Scott
  • Rental Property Investor
  • from SE Michigan
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Greg Scott
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Greg Scott
  • Rental Property Investor
  • SE Michigan
Replied

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...

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