Hello All,
First time working through my form 1065 for a multi-member llc that some friends and I formed last year. We're using the LLC to purchase real estate, but recorded no income in 2021 since we didn't close until early January 2022. We do however have expenses related to formation/start-up and closing costs (inspection).
I'm getting stuck on where to enter the expenses - TT Business wants a property associated with this expense but we didn't take ownership until 2022.
Do I just need to change our business purpose from rental real estate or can I enter the address of the property?
A little lost, any help is certainly appreciated.
