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Nicholas923
Level 3
March 12, 2021
Question

NYC 204EZ or NYC 204 for LLC

  • March 12, 2021
  • 5 replies
  • 58 views

Aren't Real Estate (rentals) LLC's exempt from NYC tax (UBT)?

 

I have about 125K in net income and the program is calculating the 4% tax.

 

Please help

Thank you

This topic has been closed for replies.

5 replies

PWHITECPA
Level 3
March 15, 2021

I have the same problem. I filed and the reject said it was over $95,000 but it's fully exempt.

Last year the program let me efile the exact same return. What changed?

 

nyc204ez exempt
Level 2
April 8, 2021

I'm having the same issue - need to know why getting an error when should be exempt for RE

IntuitMark304
Level 6
April 8, 2021

When filing a NYC-204EZ the user may use line 5 (Amount included in line 4 representing net income or loss from activities exempt from the tax) to subtract any exempt income/losses from the calculation.  

New York City has installed electronic filing rules that require the amount on line 10 to be less than $90,000 for all NYC-204EZ filers.  

 

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