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Form 8825 for New Jersey: What You Should Know

Form 8825 does not show a tax expense for the LLC to include franchise or LLC fees as separate income.  However, income from the state income tax, and franchise (tax paid upon sale of shares) may be added to Line 3.   Form 1065 also does not show these income taxes. If the LCS income is in excess of net income from rental real estate activities, it may be a taxable activity for the LLC to include franchise (tax paid upon sale of shares) as income. The LCS may receive an interest in an investment property, so any taxes would have to be capitalized to determine whether these are separate “income” and taxable for the LLC to report. Also, each tax payment may be treated as two separate tax payments, as a separate interest is received each year for the investment properties. As of 2017, each LLC has 100 shares of common stock, divided equally. Each share of common stock is convertible into (1) 8,000 shares of common stock at the end of the year and (2) 50 shares of preferred stock at the end of the year. If at the end of the year, each LLC received 20,000 shares of preferred stock, no tax on the preferred stock can be collected. It may be beneficial to record the dividend as a dividend on line 3 of the state return and the income as a rental real estate activity on line 2 of Form 8825. It is a potential liability to track income and expenses from the LCS, which can be added to the LCS Form 8952 to complete the business owner deduction. A.R.S. Section 7041(m) — Franchise Tax — Nonresident Form 8952 (with Schedule A attachments) must be completed for any state income tax return or return for a partnership. O.R.C. Section 2-715(1)(C) — Income Tax If a partnership is a real estate partnership for real estate and rental activities including rental real estate activities, it must file a separate Form 8835-1. O.R.C. Section 9001(d) — Real Estate and Rental Operations — Real Estate Profits and Rentals If a rental real estate partnership receives real estate related income from one or more rental real estate activities, it must file Form 9063. The following is required for a rental real estate association that is a real estate cooperative. The association must file Form 8889. O.

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