All Forum Posts by: Will Ahrens

@Ben Whittaker yes, you are correct. 

For the purposes of Texas Franchise Tax, you will not be a passive entity. 
You will need to file a No Tax Due Report (05-163) as well as a Public Information Report (05-102).   I’d recommend using the State’s Webfile system if possible. 
Since you are filing after the due date (06-15-21 this year, or 10-15-21 if extended), you will need to also pay a $50 late filing penalty. 

@Jesse Barahona he must have lived in the home as his primary residence at least 2 out of 5 years prior to the sale, not necessarily a minimum of 5 years. Also, this applies to any homeowner, not just first time homebuyers.

@Jesse Barahona Based on the information given, he should qualify for the $250,000 gain exclusion on his personal residence.

Any expenses incurred to place the asset into service are included in the capitalized assets cost. So it will end up on your depreciation schedule. Be sure to determine if you are eligible for special depreciation or Sec. 179 expense on any CAPEX assets in the current year.