We have the same situation. There is a piece of property that my husband's parents left to the 7 kids. We put it in an LLC to hold title to the property. Now I'm not sure how to do the taxes. We do not sell anything or make any money on the property - we have zero income. When Turbo Tax asks about QBI, do I enter no? Each member contributed money to pay for expenses. As I'm reading in the previous post, the property tax is the only expense that can be counted?? What about insurance?
For assets, do I need to enter all the equipment that is there even if it would already be depreciated? And the buildings would be assets.
What do I enter as Principal Business Activity and principle product or service There aren't any.
