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Richard, Tax Attorney
Category: Tax
Satisfied Customers: 53721
Experience:  29 years of experience as a tax, real estate, and business attorney.
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I have formed a Delaware LLC a vacation

Customer Question

Hello. I have formed a Delaware LLC for holding a vacation home that I might purchase in the future. My pre-existing revocable trust is the sole member of the LLC, and I, as sole trustee of the revocable trust during my lifetime, am the manager of the LLC. My understanding is that I do not need an EIN because, under the circumstances I have described above, the LLC is a pass-through entity. However, the bank/broker whose services I use says they must have an EIN to set up an account for the LLC.
I have established the LLC for privacy purposes only and plan, when I purchase a home, to pay the bills for the property out of the LLC bank account, and it would be used for no other purpose. I am hopeful I will not have to file separate income tax returns for the LLC. Does having an EIN for the LLC necessitate a separate return, or do i need to file a separate return anyway once I begin to utilize the LLC?
Submitted: 6 months ago.
Category: Tax
Expert:  Richard replied 6 months ago.
Good afternoon Carol. My name is ***** ***** I look forward to helping you. Even though you get an EIN for your LLC, that does not mean it is not treated as a disregarded entity. As long as it's a single member entity, which it is, the LLC is a disregarded entity and you need not file a separate return for the LLC. You can simply report its operations on your 1040. The EIN does not change this. You can get the EIN for your LLC in about 10 minutes at the following IRS website: Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!

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