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Updated about 1 hour ago,
Did I mess up when establishing this LLC for my wife and I?
Hello everyone,
In July 2024, I created a partnership LLC with my girlfriend to buy a rental property. We are now married and I expect we'll file our 2024 taxes jointly. We live in Texas, a community property state, and are 50/50 owners. I assumed we would be able to file taxes for this LLC as a disregarded entity since we are married and in a community property state. However, when I requested our EIN the letter stated, "Based on the information received from you or your representative, you must file the following forms by the dates shown. Form 1065 03/15/2025."
So I think I messed up when establishing this LLC and chose for it to be treated as a partnership. Do I now need to change our elected status or tax classification to be a disregarded entity? Or am I just SOL and need to file a partnership return and issue K-1's to each of us? Or can I do nothing and file it on Sch E since we are married in a community property state?
Any guidance is appreciated and I know it's not tax nor financial advice, just your thoughts.