My family owns farmland in Iowa. Last year we formed an LLC with the four family members. This is our first time filing taxes as an LLC. We have a tenant that rents the land and we do not actively participate. The expenses are property taxes, liability insurance, and utilities. Everything is simple. The LLC collects rent and pays the expenses, and all profits are paid out to the members proportionately to their shares once per year. All these items appear to go on form 8825 and get transferred to form 1065 Schedule K, line 2. Each member has a Schedule K-1 that shows his/her share of the profits and liabilities.
It looks like the first page of form 1065 is pretty much empty. Everything is zero. We don't have to file a balance sheet since the total assets are less than $1M. I understand the profits will transfer to each individual's tax returns. Am I missing something? Is there anything else we need to report on 1065 and associated forms? Thanks in advance for any info.