All Forum Posts by: Sam Erickson

Thanks, @Eamonn McElroy for the info, and the proficient scolding.

@Eamonn McElroy

Thanks for the response. Not sure why I didn't think about this before but you are correct. We did file the 2020 return and we filed it as a final return. The property that, that LLC held was sold in June 2020. Since that was the only property that LLC held and that partnership group isn't going to be buying future property I put June 30, 2020, as the final day of business because of that.

I could have just as easily put 12/31/2020 now that I think about it.  All The state filings etc. ran through the end of the year.

So if you stop doing business, you are supposed to file your tax return for that year immediately?  Could I amend and change the final day of business to 12/31/2020 or is it too late?

@Steven Hamilton II

Thanks for the response. It was filed in March of 2020 with no extension.

This LLC is a single property LLC so I file the return myself and have done so for the last few years, never been late before.

I've attached my E-file status from Turbo Tax.  When I first got the notice I was nervous that perhaps I completed the return, sent the K-1s out but never actually filed it.  Since the status is accepted though that's not the case, and I know I didn't do an extension and I know it was filed on time.

Sidenote: do you have any experience on how to actually get ahold of someone at the IRS?  Like I stated above have tried 3 times with no luck.

@Ashish Acharya thanks for the reply.  I Just checked, and here is what is says:

"For the calendar year 2019, or tax year beginning ___________, 2019, ending __________, 20__."

The blanks are still blank on my 1065.  So assuming that means I'm then filling for the calendar year?

Hi Everyone,

I received a notice from the IRS saying My LLC that has four members was charged a fee because according to the IRS we "filed the partnership return late."

The amount is $4,920.  ($205 per partner per month) x (4 partners) x (6 months).

According to the notice, the tax period listed is June 30, 2020. Which is a weird date to me. Either way, this LLC provides K-1s to the partners. We filed the LLC tax return via turbo tax business in March of 2020 and then the partners filed their K-1s with their returns.

I've tried calling the IRS 3 times about this.  2 times I've got a message saying that the call volume for my topic is extremely high and to call back.  The other time I was on hold for 2 hours just to get hung-up on.

This is one of 3 partnership returns we filed last year, and so far no issues with the other.

Wondering if anyone else has run into this and what the outcome was?

@James De Stefano for the deal I was first asking about one of my private lenders ending up carrying the whole loan for us.  I have done deals with multiple investors since then but it's been more of a syndication structure where they have a preferred return and equity position.

Hey everyone sorry that my post took us down a rabbit hole but the "24" was just a typo.  You'll want to use the offer to purchase. Though in the right circumstance the option may be appropriate.

I think most people use the WB-24 State Offer to Purchase doc.  If you went to your Lawyer my guess would be he would just use that doc as well and charge you a bunch to fill it out.

Not sure how much margins are in your deal but may not be a bad idea to see if you can work into your numbers the 2.4% it would cost to hire a buyer's agent...I think if your seasoned at writing offers and have closed a bunch of deals you could go solo, but if not probably not bad to have either an agent or lawyer who knows the language on your side.

Hey Chaz, nice to meet you. Let me know if my team can be of any help during your Milwaukee REI adventure! And let me be the first to welcome you to Brew City!

I have a single family home in Whitewater WI that I'm looking to sell.  I've owned it for nearly 12 years with very little vacancy.  

Its currently rented through August of 2018 and rent is paid up till that point.

Good cash flow and awesome tenant pool.