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Updated over 7 years ago on . Most recent reply

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2
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0
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Amar Khaira
  • Investor
  • Atlanta, GA
0
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2
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Taxes on LLC profits

Amar Khaira
  • Investor
  • Atlanta, GA
Posted

I have a rental property under a LLC with a business partners(2 partners in a LLC).

How is profit taxed in LLC? Lets say the rental property generates $100 net income every month. In the end of the year if we dont take any money out , pay $1200 as extra payment towards the mortgage, do we still have to pay tax on $1200.

In summary if we dont take out any money from LLC do we have to pay tax or not?

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