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Updated over 4 years ago on . Most recent reply presented by

Josh Corby's profile image
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Josh Corby
  • New to Real Estate
  • from Jacksonville, FL
  • Member since Nov 9, 2020

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Josh Corby's profile image
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Josh Corby
  • New to Real Estate
  • from Jacksonville, FL
  • Member since Nov 9, 2020
Josh Corby
  • New to Real Estate
  • Jacksonville, FL
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Tax, SDIRAs & Cost Segregation

Single-Member LLC Draws

Josh Corby
  • New to Real Estate
  • Jacksonville, FL
Posted

Are you taxed on the money that you leave in the LLC's bank account? AKA the money that you don't draw out.

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Ashish Acharya

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Ashish Acharya
Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
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Ashish Acharya
#2 Tax, SDIRAs & Cost Segregation Contributor
  • CPA, CFP®, PFS
  • Florida
Replied
Originally posted by @Josh Corby:

Are you taxed on the money that you leave in the LLC's bank account? AKA the money that you don't draw out.

Yes, you get taxed when you earn, not when you distribute. So, even if you do not take out the money you earned in your LLC's account, you will pay taxes.

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