Hi. The wife and I are the owners of an LLC and, since we've lived in Texas (a community property state), we've always treated it as a disregarded entity for Federal Tax purposes, filing under Schedule E (rental properties).
In April, we moved to Tennessee, a non community property state. Questions:
- I suspect we now have to file Form, 1065 and K-1s?
- Do we need to notify the IRS of the change in entity treatment or just simply file the Partnership return?
- Confirm that we must prepare and file form 1065 and K-1s by March 15, then use the K-1 for each member to file 1040 by April 15?
Thanks!
