Series LLC

Forum|Forum|6 years ago
March 6, 2020
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I have a Series LLC in Illinois with rental properties in Illinois and Florida. Would I oput only Illinois for state where business conducted or both Illinois and Florida?

TurboTax Business Windows

Best answer by Anonymous_

You can input Florida, but it is actually immaterial since Florida does not impose a tax on LLCs except for those that are classified as corporations or if one or more of their owners is a corporation.

See https://floridarevenue.com/taxes/taxesfees/Pages/corporate.aspx

Anonymous_Answer

Employee

See https://floridarevenue.com/taxes/taxesfees/Pages/corporate.aspx

shubhronAuthor

Does that mean that I don't have to file Florida State tax?

Anonymous_

Employee

@shubhron wrote:

Does that mean that I don't have to file Florida State tax?

That is exactly what that means unless, as stated, you elected to be treated as a corporation (highly unlikely with your particular entity structure) or one of your members is a corporation (also highly unlikely).

However, since you own a rental in Florida, you should be aware of Florida's tangible personal property tax in the event that rental is offered furnished. Check the link below for the web site of the county property appraiser's office for the county in which your rental is located.

https://floridarevenue.com/property/Pages/LocalOfficials.aspx