Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I have set up OCpat LLC as husband and wife. If have set up…

Customer Question
I have set up OCpat...
I have set up OCpat LLC as husband and wife. If have set up self directed 401K my LLC as OCpat 401K LLC (Trustee registered in AZ, account set up with CharlesSchwab) -I bought two suites 1. one suite (say suite 101) funded by my own money and another suite (say suite 102) bought as 401K investment(funded by 401K money).Income from Suite 102 (401K funded) which is tax deffered goes to 401K account with Charles Schwab . Do I need to file 1065 for OCpat 401K LLC with federal and state for the income from suite 102
Submitted: 1 month ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 19 hours by:
3/10/2018
Tax Professional: Lev, Tax Advisor replied 1 month ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,665
Experience: Taxes, Immigration, Labor Relations
Verified

Can you clarify " OCpat" stands for what?
Does that LLC is owned by you personally or by the 401k plan?

Who are members of that LLC?

Ask Your Own Tax Question
Customer reply replied 1 month ago
Can you clarify " OCpat" stands for what? ====> Just an gave an example say name of LLC -- OCpat LLC husband and wife partner(and members)My company OPpat LLC is registered in other state in which we are partnersAgency has set up self diected 401K as like belwoPlan Name: OCpat 401K
Employer: OCpat 401K
16XX XXXXX st AZ 85201
ph: XXX-XXX-XXXXEmployer Tax ID: MX-XXXXXX7Three Digit Plan Number: 001Type of Plan: Cash or Deferred Profit Sharing PlanAdministration Type: Self-AdministeredPlan Administrator: OCpat 401K
16XX XXXXX st AZ 85201
ph: XXX-XXX-XXXXPlan Administrator ID Number: MX-XXXXXX7Legal Agent: OCpat 401K
16XX XXXXX st AZ 85201
ph: XXX-XXX-XXXXService of legal process may also be made upon a plan trustee or the plan administrator as listed herein.
Trust Name: OCpat 401KTrustees: My name
16XX XXXXX st AZ 85201
ph: XXX-XXX-XXXXMy wifes name
16XX XXXXX st AZ 85201
ph: XXX-XXX-XXXXFunding Arrangement: Trust
Trust Tax ID Number: MX-XXXXXX7
Tax Professional: Lev, Tax Advisor replied 1 month ago

So far - we have OCpat LLC with two members - husband and wife - which owns suite 101 that is used as a rental property .
You contributed the money to the LLC - and that money were used to purchase the property.
Assuming no election was made - that LLC is treated as a partnership for income tax purposes - and it files partnership tax return on form 1065.
.
Suite 102 was purchased by the 401k plan - not by the LLC - so - that will be separated activity and it will run under separate entity.
That activity is NOT reported on 1065.
However - you should NOT mix transactions inside 401k with other transaction performed in the LLC.
.
These must be completely separated.
An administrator or sponsor of 401k plan subject to ERISA must file information about the plan every year.
Form 5500, Annual Return/Report of Employee Benefit Plan or Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan with applicable schedules and independent auditor's report, if applicable.

Let me know if you need nay help with reporting.

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 1 month ago

I appreciate if you take a moment to rate the answer.
Experts are ONLY credited when answers are rated positively.
If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all Social Security / Tax related issues.

Ask Your Own Tax Question
Was this answer helpful?
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,665
32,665 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
My husband and I formed an LLC for Rental Property. Our
My husband and I formed an LLC for Rental Property. Our initial investment was the house we paid cash for, and we put a total of $19,000 in improvements and repairs (again our money, no loans). When f… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,043 satisfied customers
100% of a rental property was reported by taxpayer for 12
100% of a rental property was reported by taxpayer for 12 years. A relative on title for estate planning received 50% of sale proceeds. How is this correctly reported? … read more
Lev
Lev
Tax Advisor
32,665 satisfied customers
On line 17, Form 1120 ,C Corp Federal Tax return are state
On line 17, Form 1120 ,C Corp Federal Tax return are state corporate income taxes deductible.If I am doing my Federal C Corp returns for 2017 are the state corporate income taxes due but not paid yet … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
Where do I report the sale of a commercial rental property?
Where do I report the sale of a commercial rental property? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
Tax Question. Taxpayer has rental property and sustains
Tax Question. Taxpayer has rental property and sustains flood casualty loss. His expenses to repair exceed the insurance payments. If this is reported on Form 4684 does this properly flow to the 1040,… read more
Lev
Lev
Tax Advisor
32,665 satisfied customers
Completing taxes with rental property and keep running into
completing taxes with rental property and keep running into this error "Error or Omission: Form 1099-MISC - Invalid Other Income Selection On the Form 1099-MISC from this 1099-MISC you indicated that … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,043 satisfied customers
If you received a form 1099-c from a rental property where
If you received a form 1099-c from a rental property where is it reported on the 1040. Ex. Property held for over a year. Amount owed per 1099- C is 150,000 fmv 90,000 … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
916 satisfied customers
A real estate partnership has several rental properties. The
A real estate partnership has several rental properties. The partnership has been in existence over 30 years and has only a couple mortgages.The partnership has no other activity except renting real e… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
916 satisfied customers
If a decedent owned a rental property and reported on their
If a decedent owned a rental property and reported on their 1040. What happens after they die and the rental properties are still reporting income. The income gets reported on form 1041? What will be … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
45 satisfied customers
If I transfer rental properties into an LLC, is it
If I transfer rental properties into an LLC, is it considered a "sale" of property on my indiv taxes? Also, from that point do I then pay taxes from the LLC for these properties and do I get the same … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,043 satisfied customers
I have a rental property that we put into an LLC last year.
I have a rental property that we put into an LLC last year. The LLC holds the title of the property and my husband and I transferred our portions to our individual revocable trusts. Unfortunately, we … read more
Lev
Lev
Tax Advisor
32,665 satisfied customers
Where do report for Partnership (LLC) returns using Form
Where do report for Partnership (LLC) returns using Form 1065 income recipient from taxable federal grant? Specifically, 1099-G, Box 6.… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
916 satisfied customers
Is there any tax benefit to depreciating a rental property
Is there any tax benefit to depreciating a rental property held in an LLC in a Solo 401k? Do I even need to depreciate at all since the balance is below $250k?If there is no benefit, is there some way… read more
Lev
Lev
Tax Advisor
32,665 satisfied customers
I own a rental property under an LLC partnership. I am in
I own a rental property under an LLC partnership. I am in the middle of filling my Form 1065, 8825, 4562. I need to enter assets that I installed in the rental property in 2017. I installed a water he… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,043 satisfied customers
My client did apply for federal ID. He selected partnership
My client did apply for federal ID. He selected partnership instead of corporation. Is it possible to change the type of entity for the same federal id? Tax return was never filed in the past. Also, K… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
916 satisfied customers
How do I report rental property sold for income tax in 2017?
How do I report rental property sold for income tax in 2017? I bought if for 50k and sold if for 50 k.… read more
Lev
Lev
Tax Advisor
32,665 satisfied customers
When a partner contributes depreciated rental property to a
Hi, when a partner contributes depreciated rental property to a partnership, does the partner report anything on partner's individual tax return? Such as a transfer or disposition on Form 4797? … read more
Lev
Lev
Tax Advisor
32,665 satisfied customers
Rental property entered into a LLC, when do the property
Rental property entered into a LLC, when do the property write offs start? After incorporation or for the calendar year of incorporation? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,043 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x