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    • Created with Sketch. See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
    Created with Sketch. See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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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!

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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!
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