first a multimember LLC (you said we) is supposed to file a federal partnership return (form 1065) unless you reside in a community property state and the only members are husband and wife. Don't know if these states have different filing rules. It's due 3/17/25 without an extension. penalties for a 2-member LLC for filing late run about $400/ month but could be abated if you show reasonable cause
the cost of those expenditures except for items costing less than $2500 are capital expenditures that would be treated as real estate and depreciated over 39 years beginning with the date the business began. some preopening expenses might be start-up costs that can either be immediately written off or amortized over 5 years.
yes, you can depreciate the barn. it requires you to segregate its cost from the rest of the property when you bought it. The lower of that cost or it's Fair Market value when converted to business use would be depreciated over 39 years beginning with the date the business started.
I strongly suggest you use a tax pro the first year. They're able to look over your records and prepare the partnership return if needed.
