What is the name of your state (only U.S. law)? Virginia
So, as I understand it, taxation for a single-owner LLC is generally lumped in with the individual owner. Preferably, I'd like my would-be LLC to be taxed on its own, standing alone and separate from me as an individual.
Does anyone here know what it takes for an LLC to be taxed independently from the members? The reason I ask is because my LLC will deal in mostly capital assets, meaning all or mostly all of its "income" will be in the form of capital gains from real estate. The federal capital gains tax rate is 5% for those with taxable earnings at the 15% tax bracket rate or below (<$34,000) and 15% for persons earning above the 15% tax bracket. If my LLC had no earnings and were taxed on its own, it theoretically would have its capital gains taxed at 5%.
On a related question, what is the best form of legal organization for capital gains-generating entities (real estate mostly)? Thanks.
So, as I understand it, taxation for a single-owner LLC is generally lumped in with the individual owner. Preferably, I'd like my would-be LLC to be taxed on its own, standing alone and separate from me as an individual.
Does anyone here know what it takes for an LLC to be taxed independently from the members? The reason I ask is because my LLC will deal in mostly capital assets, meaning all or mostly all of its "income" will be in the form of capital gains from real estate. The federal capital gains tax rate is 5% for those with taxable earnings at the 15% tax bracket rate or below (<$34,000) and 15% for persons earning above the 15% tax bracket. If my LLC had no earnings and were taxed on its own, it theoretically would have its capital gains taxed at 5%.
On a related question, what is the best form of legal organization for capital gains-generating entities (real estate mostly)? Thanks.