Partner capital contributions and distributions

[ciquo]

Hello, 

My wife and I started an LLC for our property rental business. This the first year we are filing our business taxes, 1065.

Just got into it and already fumbling. 

What exactly are Partner capital and property contributions and distributions? 

Is this all the cash each us put in relating to the business ? If so what should not be considered ? Should it include the money we spent to form the LLC, buy the home, mortgage payments, and so on. 

Property -  assuming that is actual real estate transferred to the LLC by a partner ?

I suppose I was expecting a more itemized method of calculating total cash...

[Anonymous]

since this is your first year, I highly recommend you pay for the services of a pro the first year.  the pro will show you the things you need to know to properly prepare your return.      By the way if you are in a community property state, an LLC consisting of only husband and wife can file as a qualified joint venture - no 1065 - rental is reported directly on your 1040 on schedule E.  However, if you told the IRS you were a partnership, you may need to file a first and final return to avoid having to file in the future and/or the irs hitting you with up to about $4,700 in penalties for failure to file.  

[ciquo]

Thanks for the reply ! I have gotten feedback from several local CPA's and they conflict on how to report contributions and expenses. Was posting here for additional guidance. Or maybe need to find a better tax pro !