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Level 4
December 7, 2019
Solved

Client owns a sport fishing boat, Titled under a Partnership LLC. It is just a pleasure boat titled under the LLC for asset protection. Is a return needed?

  • December 7, 2019
  • 4 replies
  • 11 views

Client purchased a sport fishing boat and had it titled under an LLC for asset protection. He has no intention of using it for income. It is strictly a pleasure boat. Although he did obtain an EIN number, is it necessary for the partnership to file a return? There would be no loss. 

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Best answer by IRonMaN

No income, no expenses, no return.

4 replies

Just-Lisa-Now-
Intuit Community Champion
December 7, 2019
Whos the other partner?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
nmr12354Author
Level 4
December 7, 2019
his wife
Level 6
December 7, 2019
If you look at "Who Must File" in 1065 instructions you will find your answer.
IRonMaN
IRonMaNAnswer
Level 15
December 7, 2019

No income, no expenses, no return.

Slava Ukraini!