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Updated almost 9 years ago on . Most recent reply
Commercial Property LLC tax return
Hi
I'm new the forum and would appreciate some help.
My wife and I purchased a commercial property under an LLC in Nov 2015. We do not run a business out of it and have not rented it out yet.
In 2015 we paid some property tax, closing costs, insurance, some refurbishment costs and other fees.
Are we required to file a tax return for an llc with that generated no income and if so are we able to use any of the costs associated with purchasing and improving the building as deductibles?
Finally should we use an accountant or can we simply use some online software like turbotax?
Many thanks for your help and I apologize if these questions have been answered in other posts.
John