Can an LLC that has been filing 1065's that now has only husband and wife as a partner, go to a qualifying joint venture and file on C. If so, how do I need to do the asset transfer?
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Logic would be to keep depreciating the same as if it was on 1065. It's still a LLC so you are not changing the legal structure.
But.... logic and tax code don't always coincide.
Last edited by kathyc2; 03-19-2015, 02:20 PM. -
I know, that seems logical but the IRS often isn't! Can they just switch to a schedule C after years of filing a 1065? How would IRS know that they do not have to file a 1065? I guess, the LLC name on the C?Comment
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It may be a good idea to still file a 1065 for 2014 checking the final return box.Comment
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Thanks everyone!Comment
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An LLC can only be a QJV in a community property state. Otherwise it has to stay on the 1065, unless they dissolve the LLC.Comment
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