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All Forum Posts by: Kate Ellis

Kate Ellis has started 1 posts and replied 1 times.

Buying & Selling Real Estate

Post: LLC Taxed as an S-corp for flipping

Kate Ellis
Pro Member
Posted
  • Posts 1
  • Votes 0

We just set up our LLC in Illinois to flip houses. I'm preparing to file for our EIN with the IRS and need to decide if we want to be taxed as an S-corp or partnership. I'm all for S-corp except for the requirement that the LLC pay the owner/shareholder "a reasonable salary." I really don't want to mess with payroll taxes if I can avoid it. Thoughts?

0 Votes