if the only activity of the llc is rental real estate then there is an exemption from NYC UBT tax for such an activity. IN addition, upon sale, the gain would also be exempt (assuming the activity does not change)
Vincent J. Preto, CPA
Senior Partner
Wagner & Zwerman LLP
450 Wireless Blvd.
Hauppauge, NY 11788
Tel. (631) 777-1000 Ext. 340
Fax (631) 777-1008
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Original Message------
Good Morning,
Is an LLC that was formed in Long Island and is currently located in Long Island required to file an NYC 204 when it owns rental property in Queens.
Is this filing required when the rental property is sold?
All members live in long Island.
Thank You
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NIEUCHOWICZ, CPA PC
29 South Central Ave
Valley Stream, NY 11580
Phone (516) 791-7599
Fax (516) 792-0980
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