Houseboat LLC Tax Rules

[BrigitteK]

Hello All,

I have just been appointed the Treasurer position on the houseboat LLC. We have 13 owners who share the boat. I am pretty sure there is some sort of IRS tax forms we need to file yearly. Does anyone have any suggestions on where I would find all the info we need for yearly tax reporting.

Thanks!

 

[capt.catfish]

It depends on how you have your LLC set up, but unless you have elected to be taxed as a corporation the IRS treats a multi-member LLC as a partnership for tax purposes. The LLC would have to file an informational form 1065 and then the individual members would have to file a K-1 claiming any profits or losses on their personal income. However, if the LLC has no business activity (no profits or losses to report) then you are not required to file anything with the IRS.

 

[BrigitteK]

It depends on how you have your LLC set up, but unless you have elected to be taxed as a corporation the IRS treats a multi-member LLC as a partnership for tax purposes. The LLC would have to file an informational form 1065 and then the individual members would have to file a K-1 claiming any profits or losses on their personal income. However, if the LLC has no business activity (no profits or losses to report) then you are not required to file anything with the IRS.

Thank you!!!