[WSBAPT] Family Cabin LLC

[Craig Gourley]

Turbo tax has a partnership return program for about $160.  Given the limited about of activity it should be pretty easy to prepare.

Gourley Law Group
Snohomish Escrow
The Exchange Connection

1002 10th Street / PO Box 1091
Snohomish, WA 98291

360.568.5065
360.568.8092  fax
Craig at glgmail.com<mailto:Craig at glgmail.com>

From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Mike Winslow
Sent: Tuesday, September 05, 2017 11:40 AM
To: WSBA RPPT Probate & Trust Discussion Forum <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Family Cabin LLC

Recently discussing with a CPA, whom I greatly respect, the ramifications of using LLC to own family cabin, in order to create succession plan and to address ongoing collection of money to cover operation expenses.
The CPA states that if an entity is formed under state law, the IRC requires filing of a tax return, even if there is no profit motive for the organization and no net income. The cost of preparing a partnership tax return runs a $1000 or better in my county, so this is no small expense.

Any info to contrary, or way around this requirement?
I have already considered a trust, but I think that too would require filing a return, and it is not as useful of an ownership vehicle.


Michael A. Winslow
1204 Cleveland Ave.
Mount Vernon, WA 98273
Ph. 360-336-3321
Em. Mike at winslegal.com<mailto:Mike at winslegal.com>

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