I started an LLC with another household in 2021 to flip houses. We bought a house and are working on it, but haven't passed papers, so there were only expenses and no income in 2021 for the LLC. We paid a few workers via 1099s and those were filed, but since there was no income, do we need to file anything for the business for 2021?
Also, since this is spread across a couple of tax years, do we still get to count all the expenses as if it was raising the basis of a personal house?
Thanks.
