"Nan Eklund" <naneklund[at]aol.com> wrote:

- quote -

Remember, LLCs are disregarded entities - if he is the sole
member he has a Single Member LLC which would file a
Schedule E attachment to the 1040.

Gene E. Utterback, EA

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Nan Eklund wrote:

- quote -

A single-member LLC is a disregarded entity for tax
purposes, and gets you some liability protection with no tax
complications.

Phoebe

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naneklund[at]aol.com (Nan Eklund) wrote

- quote -

Just think of an LLC as a limited partnership without any
general partners, since that's exactly what it was designed
to be. Since it has no general partners it has an equal
number of corporate as well as non-corporate
characteristics. So the LLC can choose to be taxed either
as a partnership or as a corporation (well, association
taxable as a corporation).

Stu

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Friend called and asked me (the font of all tax wisdom!
sure!) about buying a rental in Florida (he's stationed in
Germany now) and putting it into an LLC. First, I'm in
California and know NOTHING about Florida legal or tax
information.

Second, I'm shakey on LLCs.....and got the call at home (no
reference books) when the question came up.

An LLC passes gains or losses through to the owners - right?
But would it get the $25,000 allowance? Or fall into the
partnership category and he'd lose losses?

An absentee owner might need the corporate protection, but
would he lose the tax write offs?

Nan, EA in LA

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