Form of list: How does it work for home office (taxes, exemption)

[yaun]

I have a single member LLC through which I am doing consulting work. Now the town sent me a 'Form of List' where I am supposed to list all company property. The official instructions that I can find on the internet are really poor and are all about mechanics and restaurants. I have no idea what I have to list here. Laptop, Display, Desk, Printer? Or are these exempt? And some of these I got for free (desk & printer), so do I still need to list them?

I have to say that this is quite a bureaucracy for the 10$ in taxes that the town may make from this. Maybe someone should have thought about setting an exemption amount into the bill that this is based on.

[bostongymjunkie]

Originally Posted by yaun

I have a single member LLC through which I am doing consulting work. Now the town sent me a 'Form of List' where I am supposed to list all company property. The official instructions that I can find on the internet are really poor and are all about mechanics and restaurants. I have no idea what I have to list here. Laptop, Display, Desk, Printer? Or are these exempt? And some of these I got for free (desk & printer), so do I still need to list them?

I have to say that this is quite a bureaucracy for the 10$ in taxes that the town may make from this. Maybe someone should have thought about setting an exemption amount into the bill that this is based on.

If I obtained single member LLC status without advice of counsel or an incorporation service and I wished to proceed without advice of counsel or a qualified tax professional, I would call the town tax collector for additional information.

[ManApplet]

Most likely your LLC does not own anything, but you use your personal possessions and are uncompensated for it. Nothing to list? They want to tax you for biz assets. Just have none.

[Shrewsburried]

There are a number of LLC training/information classes which are extremely affordable and will overview situations like this (some provide Q & A support).

[johngolf]

Read the First Instruction again:

A. WHO MUST FILE A RETURN. This Form of List (State Tax Form 2HF) must be filed each year by all
individuals owning or holding household furnishings and effects not located at their domicile on January 1.
Individuals who own or hold business or other taxable property must also file State Tax Form 2.

As far as the last statement, I would say anything used for personal use even if used for some business, is not taxable property. Like reading company Email on your personal computer does not make it business property even if you bought it or the company gave it to you.