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All Forum Posts by: Ayse Yesilyurt

Ayse Yesilyurt has started 5 posts and replied 17 times.

Post: Help with taxes - Non-resident aliens with LLC

Ayse YesilyurtPosted
  • Ann Arbor, MI
  • Posts 17
  • Votes 1

Sorry, it clearly says penalty is due only if you were required... so no problem.

Post: Help with taxes - Non-resident aliens with LLC

Ayse YesilyurtPosted
  • Ann Arbor, MI
  • Posts 17
  • Votes 1

Thanks Linda! In the future, we may rent and for that keep the LLC status, as we are foreigners having bought this as investment/summer home.

For 2016, even though 1065 instructions excludes LLC with no income or claimed deductions from filing requirement, I am worried that if I do not file it, will I get a larger penalty. If I file, than I am worried that I will get a one-month penalty for not paying by March 15. :) ??

Thanks!

Post: Help with taxes - Non-resident aliens with LLC

Ayse YesilyurtPosted
  • Ann Arbor, MI
  • Posts 17
  • Votes 1

Hi

We bought a condo after forming an LLC between me and my husband in November 2016. We have been living in it since purchase and there is no income yet so far. We are both non-resident aliens, currently on J-1.

We were told (by accountants) that taxes would be easy, as an attachment to his filing, but it seems much more complicated. Main problem is that as we are non-resident foreigners, we cannot file jointly and just do the simple thing; and to fill the form 1065, Schedule B, Question 16 asks for foreign partners and leas to more forms.

Are there any accountants knowing this stuff in Ann Arbor/Detroit area? Any other help? 

Many thanks in advance,

B.

Thank you all. I was thinking whether the lawyer was wrong or the CPA, glad to get some clarification on this. On the other hand, an official page on the web was suggesting making minors non-voting members and passing them shares gradually (we are concerned because as foreigners we have a very low estate tax if one of us dies). 

So do you know how we can gift some shares to our minor son in the future?

Oh great to share that. Do you know if minors can be a member, because it asks for their signature and CPA told me yes, lawyer told me no etc.

Oh thank you both, I am a bit more clear now. So the single member, multi-member would be stated ONLY in the operating agreement?

OK, just to speed it up though, can I file for the LLC (send the article of organization) and then go into operating agreement?

Hi, 

Can someone please fill me in on the details of how to form an LLC for buying a real estate from filing for to closing? We have studied and decided with a CPA that we will form an LLC, so that`s not a question, but here are the unknowns:

1) When I prepared the form (Article of Organization) for filing for LLC in Michigan - it just asks for organizer (submitter name) and they do not really need an Operating Agreement, but then where do we say who are the members?

2) Lets say after filing that I got a tax identification number and opened a bank account for the LLC and the title is prepared for the LLC. Then what else do I need to do before closing and now at this point, who knows my connection to the LLC?

Thanks also much, this info is really not existent anywhere. 

Note: I have also contacted a lawyer, but want to do most of it myself in case it is not needed and to reduce lawyer fees. 

Thanks very much!

Hi Dan, can you comment how long the LLC takes to be in effect once we have Michigan-ELF? It talks about a 24-hr expedited with 50$ only, does it mean we can use the LLC after 24 hr. to say close on a house?

I read that capital gains have a very little exemption for non-residents (60K on the sell price, while it is 1M? for US citizens). Otherwise being taxed on real profit is fine.