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disregarded entity

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Level 1

A Partnership became a disregarded entity during 2019 and I'm trying to figure out how to record the activity for the rental property on the Partnership that owns the Rental entity and reflect the EIN from the Disregarded entity to avoid having the IRS ask for the taxing information.  Anyone know how to make this switch?  There are currently K-1 markers on my software file that will now be deleted.

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Level 11
Level 11

This can become complicated, as you have to terminate the partnership, and distribute the assets, and may have to file form 8308. Here is a link from IRS on what you need to do.

https://www.irs.gov/pub/irs-drop/rr-99-6.pdf

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