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jono
New Member

I have a multi member LLC that changed to a single member LLC on Dec 31 2017. How do I file a 1065 and K1 to indicate that it is now a disregarded entity?

My dad transferred his 1% LLC rights to me on December 31st, 2017.  The LLC has no assets and no income/expenses for the 2017 tax year.  I have TurboTax 2017 and need to file so that next tax year will be treated as a disregarded entity.  The form 1065 only declares that an ending of the partnership is when more than 50% has changed hands but that did not occur.

  I have seen that I need to mark final on my 1065 and K-1 but does the IRS automatically change my classification to disregarded entity since they are final?  I have also seen that I might need a new EIN from (https://www.irs.gov/businesses/small-businesses-self-employed/do-you-need-a-new-ein) since the partnership has ended.

Do I need to file an 8832 to let the IRS know that I am now a disregarded entity?

1 Reply
MichaelL1
Level 15

I have a multi member LLC that changed to a single member LLC on Dec 31 2017. How do I file a 1065 and K1 to indicate that it is now a disregarded entity?

You will make 1065 as the Final return.

You will get a new EIN for single member LLC.  The source is your link in the answer above.

and lastly, no Form 8332 is required to be filed.  Source:  https://fitsmallbusiness.com/form-8832-instructions/

Below somewhat similar question asked and answered earlier on this subject.


https://ttlc.intuit.com/questions/4098640

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