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Updated over 8 years ago on . Most recent reply
LLC Question
Hi Everyone,
I have a question about LLCs... When my husband and I bought our first 4-unit building we created an LLC and pretty much sat on it for three years. When tax season came around, we reported our properties on our individual taxes and nothing on the LLC (since have not yet moved our properties over to the LLC). Now, we are in the process of purchasing our second multifamily building and looked into the LLC and found out we owe over $3000 for fees and taxes, even though we didn't report anything on it.
Our question is... Do you think we should continue with this LLC? Do any of you use LLCs for multifamily buildings and recommend them? We are currently debating whether to keep the LLC.
Thanks!
Most Popular Reply
Keep in mind that you need to pay the mandatory annual tax of $800 on your LLC and file a Statement of Information (Form LLC-12 or Form LLC-12NC, if you didn't have anyone join or leave your LLC) every two years. Also, keep in mind the LLC fee that is due on revenues over $250k.