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Level 2
December 7, 2019
Solved

2 member llc that will change to single member llc in Nov..Last year 1065's were filed.Do we use 1065's this year or change class with form 8832 and only use schedule C?

  • December 7, 2019
  • 2 replies
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Two member llc consist of spouses filing married jointly. Would like to change to single member llc with only one spouse for tax form simplification. Company did generate some income for this year. 

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Best answer by sjrcpa

1065 for the period of time it had 2 members - a short year return. Then Sch C for the preiod of time with single owner. 8832 not needed. Disregarded entity is the default classification for a single member LLC.

2 replies

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

1065 for the period of time it had 2 members - a short year return. Then Sch C for the preiod of time with single owner. 8832 not needed. Disregarded entity is the default classification for a single member LLC.

The more I know the more I don’t know.
abctax55
Level 15
December 7, 2019

Community property state?

HumanKind... Be Both
Ed371Author
Level 2
December 7, 2019
No, Illinois