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LLC owning other LLC's - How many Filings?
A Tax Question : I have a Wyoming LLC that owns 2 Hawaii LLC's. Wyoming "parent" LLC is an S-Corporation. For Federal Taxes ... Do I just file for the Wyoming LLC? No need for pass-through Hawaii LLC's?
I am filing Hawaii State Taxes for Hawaii LLC's.
Thank you in advance,
Mike
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#3 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
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@Michael Gayer Jr
The Wyoming LLC that elected to be taxed as an S-corp is required to file a tax return.
If the Hawaii LLC's are single member LLC's - then they are not required to file a separate tax return and their information gets reported on the S-corp return.
Were these entities formed in 2017? S-corp tax returns were due 3/15
Just as a preface - it is normally not suggested for corps to have buy and hold real estate in them.
It is normally suggested to create an S-corp for an activity that has ordinary income to limit the self-employment exposure.
- Basit Siddiqi
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