My husband and I started an LLC as a way to limit liability exposure for a few vacant land properties that we own.
So now the LLC owns these properties. We did not do anything with these properties this year (the first year of the LLC existing).
So we spent about $500 establishing the LLC. Other than that we have no income or expenses to speak of.
We are happy to file 0 on form 1065 but I am confused as to where or if I have to list the properties owned by the LLC as assets.
If we have to list them which part of the form do we list the properties? And do we use the value of the property which is listed on the property tax bill.
Any input would be appreciated. Thank you.
