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Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3804
Experience:  20+ years of experience in tax preparation; 30+ 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: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year 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. let me know if you require further information or clarification.Thank you and best regards,Barb
Expert:  Barbara replied 1 year 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