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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2845
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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I am a CA resident. Last year I bought a commercial property

Customer Question

I am a CA resident. Last year I bought a commercial property in MI, and formed two LLCs, both with me as the single member. I have also opened an account for the LLC, deposited the fund to buy the property, and received some rent from this property and deposit it to the account. Now I need some help to file tax.
Submitted: 8 months ago.
Category: Tax
Expert:  Barbara replied 8 months ago.
Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.An LLC is a disregarded entity for tax purposes. As a single member LLC, you are considered a sole proprietorship unless you elected S corporation or C corporation status.Assuming you are a sole proprietor, you will report the income and expenses of the LLC on your personal tax return, file a nonresident MI state return, and a resident CA state return.If you formed the LLC's in CA, you are also required to file Form 568 in CA for the privilege of doing business in CA.https://www.ftb.ca.gov/businesses/bus_structures/LLC_Filing_Requirements.shtmlPlease let me know if you require further information or clarification.Thank you and best regards,Barb
Expert:  Barbara replied 8 months ago.
Just following up with you to see if you have any other questions or concerns. If so, please come back to me here, and I will be happy to assist you.Best regards,Barb