Answered: Can you convert 1120 client to be a LLC filing Form 1065 in Lacerte

CCW_Acct · ‎01-31-2021

A C-Corp client converted to be a LLC in Aug 2020. How can I convert the client to be in Partnership Tax in Lacerte? Or, I need to start brand new client in Partnership tax?

George4Tacks · ‎01-31-2021

You can export the depreciation from one type and import to the other. You can not convert, so you do need to start fresh.

https://www.thetaxadviser.com/issues/2019/jun/conversion-c-corporation-llc.html may be of interest

Answers are easy. Questions are hard!

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George4Tacks · ‎01-31-2021

You can export the depreciation from one type and import to the other. You can not convert, so you do need to start fresh.

https://www.thetaxadviser.com/issues/2019/jun/conversion-c-corporation-llc.html may be of interest

Answers are easy. Questions are hard!

abctax55 · ‎01-31-2021

Be sure to click on the link George provided.

A corp does not just "convert" to a LLC. A corp is dissolved, with the associated tax consequences.

HumanKind... Be Both

Can you convert 1120 client to be a LLC filing Form 1065 in Lacerte

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