My brother and i formed a llc together. we dont have any proffits or loss, how do we file our taxes for it?

Forum|Forum|2 years ago
January 13, 2024
1 reply
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we live in the state of PA and each own 50% of the company.

TurboTax Free Edition Online

Carl11_2

Employee

I assume this is a multi-member LLC that did not elect to be treated as an S-Corp or C-Corp for tax purposes. If that assumption is correct, were you officially "open for business" on or before Dec 31 of the tax year 2023?

21smithllAuthor

No, it’s an online store and the only “business” we did so far we me testing the transaction system.

Carl11_2

Employee

Then you have nothing to report on your 2023 tax return. Also, my screen shows you are using the free version of TTX online. Note that for your multi-member LLC you have to use TurboTax Business to complete and file the 1065 Partnership/multimember LLC return. But you won't have to deal with that until you file your 2024 tax return next year; assuming you are actually open for business at some time in 2024.