Discussion:PA Single Member LLC and Capital Gains
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Discussion Forum Index --> Tax Questions --> PA Single Member LLC and Capital Gains
| 6 March 2008 | |
| Has anyone has experience with a SMLLC who invested in a property to sell down the road. This is not a rental property, nor is the client making a business out of flipping houses for schedule c purposes. PA requires a schedule C, E, F, etc. to be filed with the RCT-101 (Corporate Tax Return)...SMLLC bought the property in 2007, made improvements, but did not sell the property in 2007. I submitted the questiong to PA Dept of Revenue and they said to report on Form 4797, which does not make sense because the property was not sold in 2007. Help please! | |
| 7 March 2008 | |
| Not sure what you're trying to report. If you didn't sell the property you don't have a transaction to report. The only thing you're calculating on the RCT-101 is Cap Stock Tax which will not have any income amounts in the calculation just net worth. | |
Death&Taxes (talk|edits) said: | 7 March 2008 |
| Maybe you should file the balance sheet with a 4797 marked none. | |
| 7 March 2008 | |
| RKR: That's my problem...I am not reporting anything, yet the RCT-101 needs to be filed for the LLC with a federal schedule that matches book income.
Death: I like your idea, but shouldn't it be reported on schedule D rather than 4797? | |
Death&Taxes (talk|edits) said: | 7 March 2008 |
| Schedule D, 4797, what does it matter? A zero form is what is needed. | |
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