Series LLC's

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#1
xts  
Posts:
1
Joined:
29-Sep-2021 12:48pm
Location:
MO
New subscriber here.
Have a new client that is a part year resident in MO & KS. Is sole owner of a WY LLC Holding company that has series llc's in Wyoming, New Mexico, Colorado, Nevada, Montana, North Dakota, and Washington. She purchases and sells government land and the mineral rights. Started operation in 2020 so all sales would be short term. Have had experience with single state series returns for rental properties, where a tax return is filed only for the parent/holding LLC, but not multistate Series LLC's. I assume that each of the state's that have state tax would want their share and MO & KS would collect their share as residential tax. So my questions are.
1. Do I enter the cost and sales for each state on schedule D? approx $865k short term gains
2. Then do I create one Schedule C To enter her expenses or create C's for each of the states? Expenses total $205+-
Any help/advice would be very much appreciated!!!
 

#2
Posts:
260
Joined:
20-Sep-2020 2:59pm
Location:
US
1. I’d post this in the taxation forum, you’ll get a lot more help

2. What I would do, based on my states laws and the surrounding ones, is make a spreadsheet by state to have something to tie each state and the federal and do a return for each state. Unless it’s an llc taxes as a corp it’ll just go on the personal return
 


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