First time filing LLC taxes for my real estate company

4 Replies

I am filing taxes for my LLC this year and I haven't made any money. I only have expenses. I have 1 other person in the LLC, I dont know how to file it nor do I know what I need in order to file. All help will be more then appreciated. I dont have time sheets, I dont have any profits to record, I dont have the business account set up for the LLC yet because I did close on the deal where I opened the LLC. I am completely lost and new to LLC taxes please help!!!

Kenneth,

In my experience LLC tax returns are due on 3/15/14 so it sounds like you might already be late. You should hire an accountant to make sure you get it right the first time. My CFO files our tax returns without the assistance of an accountant but filing your LLC return isn't something you should try to figure out on your own.

Your LLC will need to file its own return and then provide K-1's to all your members. The members will then use their to prepare their own taxes. It does sound like you need an accountant ASAP. Mine is already past his cutoff date, so you may have little choice buy to file for extensions for the LLC and for both members.

ok, I am going to call someone tomorrow. what penalties will I face for being late?

thanks guys! My girlfriend and I started out in the dean scam and have credit card debt due to paying for his programs. We had a great deal while we were in the scam so we expected to recoup the cost but the deal fell through and we are left with credit card debt and an LLC from dean that we only have expenses so far...

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here