Forms 5472 and 1120 are US federal tax forms. But just because you own a Montana Limited Liability Company (LLC) doesn’t mean that you or your LLC owes tax in the US.
If your LLC is only used to own a vehicle, and you don’t make a gain on the sale of that vehicle, you likely don’t owe any tax at all. Read more about the tax impacts of owning a Montana LLC here.
For LLC’s only used to own a vehicle, Forms 5472 and 1120 are purely informational.
Form 5472
The US government wants to make sure that jets, yachts, and the like aren’t being bought through US shell companies by dictators and oligarchs (well, dictators and oligarchs that the US doesn't like).
Any US company owned by a non-US person must therefore file IRS Form 5472, in which the company declares any material purchases or sales (such as the purchase or sale of an automobile) during the year.
Only a few pieces of information are required to file Form 5472:
- Company information (name, address, EIN, date formed, etc.)
- Owner information (name, address, country of citizenship, country of residency)
- Transactional information (vehicle purchase/sale price, etc.)
visitor.us populates Form 5472 with your LLC’s company information, and you provide the remaining information (owner, transactional) in the visitor.us app (autos.visitor.us) to complete the form.
The form will be submitted with Form 1120, which we detail below.
Form 1120
Form 1120 is the standard US company tax return.
Just a handful of pieces of information are required to file Form 1120:
- Company information (name, address, EIN, date formed, etc.)
- Owner’s country
- Income, if any*
*If your LLC was just used to hold your vehicle, Form 1120 income should be zero, unless you sold your vehicle for a gain (i.e., more than you bought it for) or used your LLC for business purposes. If either of these situations apply to you, please consult a professional tax advisor.
visitor.us populates Form 1120 with your LLC’s company information, and you provide the remaining information (owner, income, if any) in the visitor.us app (autos.visitor.us) to generate the form.
The deadline to file Form 5472 is April 15th (or the next business day if April 15th falls on a weekend) of the year following the year of the activity (vehicle purchase/sale, etc.). A six-month extension may be obtained.
Once generated, you will sign Form 1120 and submit it to visitor.us who will fax (yes, fax) Form 1120 and Form 5472 to the IRS, and provide you evidence of the submission for your records.
Deadlines
The deadline to file Form 1120 and Form 5472 is April 15th (or the next business day if April 15th falls on a weekend) of the year following the year of the activity (vehicle purchase/sale, etc.). For example, if you formed your LLC and purchased your vehicle in 2024, Form 1120 and Form 5472 would be due by April 15th, 2025. A six-month extension may be obtained.