@CarlSorry... I'll bet you thought you were done answering my questions. I hope that you don't mind one more question:
For 2022, I'm going to be entering our real estate rental income on Schedule E Part II from our partnership K-1's.
I really would like to stop doing the 1065 (and 8825 and 4562 and K-1s) for 2023. It seems that I would tick the "Final return" box on the 2022 1065, right? I found an error on the 1065 I sent in on March 15, so I have to send an amended 1065. When I send that again, I can either tick the "Final return" box or leave it unchecked.
Then what? I was going to change our partnership to a sole proprietorship so that we could just do all our taxes on TT Home & Business, Schedule E. But you've convinced me that if change the partnership to a single owner, my wife, it doesn't make it a sole-proprietorship. Once I write up a contract where I give my 50% share in the partnership to my wife, can we still have bank accounts and get 1099-NEC's from our management company (that collects the rents) all in the name of our LLC using the LLC EIN, but then just enter it in Part I, as if we were just individuals making rental income?
If not, how would we do it?
Thanks!
