I've created a multi-member LLC, registed as S-Corp in NV state for Rental properties in 2024, but did not purchase any properties or acquire income. I've a W2 income outside of this. Do I need to file a small business tax return for the LLC, S-Corp?

Forum|Forum|1 year ago
January 20, 2025
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RobertB4444

If the LLC is filing as a partnership or sole-proprietorship and has no income or expenses then there is no requirement to file a return. If it is an S_Corp and has received approval from the IRS then you must file a return - even if it's all zeros - in order to maintain your S-Corp status. Otherwise, you only need to file if you had any expenses (not including 'start up costs') for 2024 in order to capture those expenses.

Here is the definition of start up costs.

@LLCnewbie

[Edited 1/21/25 08:45 AM PST]

@LLCnewbie

[Edited 1/21/25 08:52 AM PST]

@LLCnewbie

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LLCnewbieAuthor

Thank you for your reply. I've no expenses (not including start up costs), I will not need to file a return for the LLC and S-corp?

LeticiaF1

If your LLC is registered as an S-Corp with the IRS, then yes, you will need to file a Form 1120-S even if you had no income or expenses during the year.‌ As RobertB4444 previously mentioned, if your LLC is taxed as a partnership, there wouldn't be a filing requirement. ‌Rules are different if your LLC is registered as an S corporation with the IRS. See the following for more information, IRS Frequently Asked Questions.

Regarding your W2 income, you will need to file that separately on your personal return.

@LLCnewbie

AmeliesUncle

Just to confirm, you did file Form 2553 with the IRS to make the S-election? And did you receive the acceptance letter yet?

As a side note, it is generally not a great idea to have real estate in a corporation (or an entity taxed as a corporation). You may reconsider that choice before you purchase real estate and probably discuss it with a tax professional that is experienced with real estate holdings in entities.