If your LLC is an official entity, such as a Corporation or Partnership, you must file a return even if there was no income.
For a single member LLC (considered a disregarded entity) for US federal income tax purposes, you will only file if you have income. In 2021, you would include the rental income and expenses on a Schedule E attached to your personal income tax return. You do not report anything until the property is placed in service and available for use.
You mentioned that both you and your wife own the LLC. You must then elect to be treated as a Partnership or Corporation. You do not qualify as a Qualified Joint Venture unless you are in a community property state.
A qualified joint venture, for purposes of this provision, includes only businesses that are owned and operated by spouses as co-owners, and not in the name of a state law entity (including a limited partnership or limited liability company)
If you In 2021, you will include the rental income and expenses on a Schedule E attached to your personal income tax return. You do not report anything until the property is placed in service and available for use.
