have you filed either form 1065 or form 1120-S? every domestic partnership or LLC not electing S-Corporation taxation must file Form 1065, unless it neither receives income nor incurs any expenditures. A corporation or other entity must file Form 1120-S if (a) it elected to be an S corporation by filing Form 2553, (b) the IRS accepted the election, and (c) the election remains in effect.
can't tell you what the state filing requirement is without knowing the state because each is different and may well depend on whether you are for federal tax purposes supposed to file a 1065 or an 1120-S. by the way, an S-Corp is not well suited for a real estate venture. in LLC/partnership the mortgage gives the partners/members basis to take losses. this is not true with an S-Corporation. owners in S corp's bais is limited to amount they put in and money they directly lend to the S-Corp.
