Total End-of-Year Assets for my multi-member LLC

[myeoman13]

I am in a multi-member LLC (partnership) and we own a rental property. There is no mortgage or loans on the property, we own it outright. Do we have to include the estimated price of this residential property in our total end of year assets? If so, how do I find out how much the property is worth?

[tagteam · Accepted solution]

Assets, such as buildings and equipment, are typically reported on balance sheets at their book value (i.e., cost less accumulated depreciation). Generally, the assets are not adjusted each year for changes in market value.