According to the IRS, every domestic partnership (which includes LLCs) must file Form 1065, unless it neither receives income nor incurs any expenditures treated as deductions or credits for federal income tax purposes. Basically, if you have no income or expenses, you are not required to file a return.
However, you may expense up to $5,000 in startup costs in the year that your business starts. This would apply to your organizational costs for forming the LLC.
The contribution of land is considered a property contribution, which is entered under Business Info >> Partner/Member Information. Split the adjusted basis of the property according to your ownership percentages and enter the amount as a Property Contribution for each partner. Land is not depreciated, so these properties will not generate any additional expense on the tax return.
If you are required to include Schedule L (Balance Sheet), you would report the Land as an Asset, and the same amount as Partner's Capital.
Basis is not always equal to the assessed value for property taxes. Your basis is generally your purchase price plus any closing costs. Per the IRS Pub 541: If a partner contributes property to a partnership, the partnership's basis for determining depreciation, depletion, gain, or loss for the property is the same as the partner's adjusted basis for the property when it was contributed, increased by any gain recognized by the partner at the time of contribution.
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