Client formed an LLC with wife to have rentals (both have day jobs). Someone convinced him to file scorp papers (before talking to me), and after reading up decided that a partnership would be better. We wrote IRS and asked for revocation, and received it as of 01012011. He applied for scorp status and purchased rentals in the last quarter of 2010. Now, how do I set up his rentals? In an scorp? Then when we change to ptshp, how do I change the rentals and depreciation? Just move everything to the 1065 form? Can anyone help me?
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More info. TP purchased group of rentals with a management group. Do I need to list separately on each 8825, or can I do a group? Just list all houses on the same deprec sheet. Then all income andexpenses can be lumped together. That's how it is reported on the info TP gets from mge people. Probably need to file an extension for 1120S?
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