After giving1099do i have to file return even no income for 2017?

Question

My LLC was form and office in the US who own all the properties. The LLC already have an EIN. Properties acquired last year 2017 and are still under repair and no income for last year. Do i still need to file a return to IRS even though there is no income for 2017?

If pay my PM and my independent contractor electronically from my LLC bank account and all the repair expenses are over $600.00? My if issue them 1099Misc. do i have to file a return even there is no income for 2017

Thank you very much to all, hope someone can give me an idea.

Steven Hamilton II · Answer

Yes, a corporation is required to file even if there is no income or expenses.

Nick Glatzer · Answer

C Corp are due April 15 and Oct 15 with extension

Steven Hamilton II · Answer

Dennis,

I see you are from Ontario. The answer is quite possibly. It would depend upon what entity your LLC is being taxed as. If you are taxed as a C-corporation (if you are a non-resident of the USA that is typically the preferred holding method) you will need to file a tax return to show the acquisition of the fixed assets even if there was no income. Corporations are required to file even if there is no income or profit.

That said requirements can change depending upon your tax status and how that LLC is being treated. You NEED quality advice.

Natalie Kolodij · Answer

@Dennis M. is the LLC just you in it? Or more than one person?

Daria B. · Answer

@Steven Hamilton II is also a CPA @Dennis M. but I could not get the tag to appear in my original post.

Perhaps reach out to these guys for a concrete answer.

Hope this helps!

Dennis M. · Answer

@Lance Lvovsky, @Nick Glatzer and @Steven Hamilton II thank you all for the info I really appreciate your help guys, will connect and contact you guys again for sure. All the best to all you guys.

Dennis M. · Answer

@Steven Hamilton II and @Natalie Kolodij do you know when will be the deadline for submitting tax return for C-corp or S-corp or Partnership so i can complete all my spreadsheets for tax return? Thank you all again and have a wonderful day.

Dennis M. · Answer

Thank you all for the info, @Natalie Kolodijundefined the LLC have me and my wife as the member.

@Steven Hamilton II i did not submit yet the election (C-corp, S-corp, or Partnership) for my LLC, that my another questions as well, not sure if i have to do it now since no income for 2017 on all the properties.  Really need your good advice, thank you all again.

Daria B. · Answer

@Dennis M. I can only speak from my experience.

I don’t have an LLC but in the generic sense, I don’t think it matters if you are an individual or LLC, a 1099 would still be issued to any non-Inc company you pay over $600 for work in the year.

The 1099 is more for them and keeping them honest to pay their tax on income. Fines may or can be levied on the person who did not issue one of the IRS finds out - again from others and their experience.

Last year I had two people, one LLC and one individual perform work for my rentals and I gave my CPA what I paid them including copies of their W9 (to get their names and ein/ssn) and 1099s were sent.

@Brandon Hall

After giving1099do i have to file return even no income for 2017?

Most Popular Reply