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Which TurboTax version are you using? Is your LLC a single-member or multi-member LLC?
multi-member and business turbotax
I am still not certain that we need to file a tax return with no income...
Multi-member LLCs are treated the same as partnerships in terms of filing requirements.
You need to file a return (1065) for the LLC unless it had absolutely no income and no expenditures.
Also this is for the 2017 taxes
Then the return is extremely late if the LLC was required to file for that year.
You might want to seek professional guidance as there are severe penalties for late filing.
We had no income but there was expenses. Where does the purchase of the property go?
What type of property?
Rental property is reported in the Rental section of the program while business property is reported in the Business Assets section.
It's land ( that we will hopefully build on). So business assets?
Land is not a depreciable asset so it is somewhat immaterial at this point. Obviously, your balance sheet should reflect the property as an asset, though.
Property taxes and, possibly, investment expenses and maintenance costs can be deducted provided the land is held for investment purposes.
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