- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I'm having the same issue - need to know why getting an error when should be exempt for RE
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Not filing the NYC 204EZ, filing as an exempt entity under real estate LLC so should be exempt and when that is marked nothing else should have to be completed in that regard.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If you are filing the NYC 204 for and are checking the box as a "fully exempt unincorporated business activity", then the preparer will need to record a subtraction on page 3, Schedule B, Part 2, line 22 for "Exempt activities". This subtraction would remove any federal income that is exempt from taxation in New York City.