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Marcia Mitrano
Marcia Mitrano,
Category: Tax
Satisfied Customers: 23
Experience:  Marcia M Mitrano, CPA at Marcia M Mitrano, CPA
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I am non-resident who owns a single-member LLC in Nevada,

Customer Question

I am non-resident who owns a single-member LLC in Nevada, which made about $3500 in profit last year.
1. Do I have to file a 1040NR? I've heard that there is exemption for up to $4000.
2. If I have to file when is my due date? IRS says non-residents who didn't receive U.S. wages can file until June 15th. I'm not sure if my passive LLC income qualifies as wages.
Please let me know asap.
Thank you.
Submitted: 3 months ago.
Category: Tax
Expert:  Marcia Mitrano replied 3 months ago.

Hello,

The 1040NR exemption from filing is the allowed exemption amount, which for 2016 is $4.050. However, this is based on gross receipts, not net income. That is, income received before any deductions.

If you are a US citizen, and are outside of the US on the tax deadline date, there is an election for an extension to June 15th.

https://www.law.cornell.edu/cfr/text/26/1.6081-5

Thank you,

Marcia M Mitrano