Question

When and how do LLC's file taxes

Forum|Forum|2 years ago
February 26, 2024
1 reply
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My husband and I along with my sister and her husband formed an LLC for the purpose of buying a plane for my grandson to use for flying lessons. This LLC will not be used to create any income. We each put a lump sum in a banking account to purchase the plane with and for maintenance on the plane. Do we need to file taxes on that money. It think it would be a partnership.

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V

Vanessa A

No, you would not need to file a federal return for an LLC partnership that neither has income nor expenses for that income. Your contributions are not considered income. Income would be if your grandson took someone on a plane ride and charged them for the ride.

Must a partnership or corporation file an information return or income tax return even though it had no income for the year?

Your state laws where you formed the LLC may be different. Which state did you organize in?

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