Do I Need to File a Form 1065 Partnership Tax Return if I Lost Money?
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- Опубліковано 1 лип 2021
- Everyone wants to know, "Do I file a tax return if I lost money or made no revenue?" If you formed a partnership LLC with little to no activity, do you still need a partnership return? We answer those questions in this video.
For other video tutorials on Form 1065 filings, see our playlist here:
• Form 1065 (Partnership...
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This helped me out a ton as my partner and I are trying to file for the first time. Thank you for putting out this content many of the other people on here oversimplify the concepts and don't go into detail about possible problems you could get yourself into, I'm about to go watch your other videos and get our taxes in order! You are a lifesaver.
I'm glad it was helpful! I appreciate the kind words. Happy tax season!
wish i knew this when i first started my LLC .. good info!
Glad it was helpful!
Just stumbled upon your video by accident. I happen to have a partnership that had no income or expenses for a previous tax year. We did not file a 1065 that year, yet I was assessed penalties and interest for failing to file a 1065. How do I inform them that I had no income or expenses if I'm exempt from filing a 1065?
If I formed an llc in Puerto Rico to buy an apartment to rent but we are still remodeling, do we need to file the 1065? How does it work if I need to file taxes in Puerto Rico?
This video was SO helpful! Thank you! I have a question I’m hoping you might be able to answer. Is it possible to have $0 provided by each partner as capital but then to put $4000 in deductibles? My sister and I just started a business and we have gradually been purchasing supplies to get us going without any real savings or capital to begin with. I’m worried if it would make sense to file it this way.
Glad it was helpful! If partners are paying for business expenses on behalf of the LLC, then those payments are generally considered deemed capital contributions by the owners, or they are treated as a loan of funds by the partners to the LLC. Just a matter of how you want to account for them on the LLC books
Where do I file the form? The IRS don’t have a eFile system to send de forms?
It is a headache.I am going to send by postal mail because we have no ssn , no itin.