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    • Created with Sketch. Intuit Biz e-filing closure on December 21 at 6:00PM PST. View more ProSeries Hot Topics here.
    Created with Sketch. Intuit Biz e-filing closure on December 21 at 6:00PM PST. View more ProSeries Hot Topics here.
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    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?

    nmr12354
    Level 3
    ‎12-07-2019 02:02 AM

    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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    IRonMaN
    Level 15
    ‎12-07-2019 02:02 AM

    No income, no expenses, no return.


    Slava Ukraini!

    View solution in original post

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    4 Comments 4
    Just-Lisa-Now-
    Level 15
    Level 15
    ‎12-07-2019 02:02 AM
    Whos the other partner?

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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    nmr12354
    Level 3
    ‎12-07-2019 02:02 AM
    his wife
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    msmith7305
    Level 7
    ‎12-07-2019 02:02 AM
    If you look at "Who Must File" in 1065 instructions you will find your answer.
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    IRonMaN
    Level 15
    ‎12-07-2019 02:02 AM

    No income, no expenses, no return.


    Slava Ukraini!
    0 Cheers






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