Hello,
My wife and I started an LLC for our property rental business. This the first year we are filing our business taxes, 1065.
Just got into it and already fumbling.
What exactly are Partner capital and property contributions and distributions?
Is this all the cash each us put in relating to the business ? If so what should not be considered ? Should it include the money we spent to form the LLC, buy the home, mortgage payments, and so on.
Property - assuming that is actual real estate transferred to the LLC by a partner ?
I suppose I was expecting a more itemized method of calculating total cash...
