I have a piece of commercial property, one building and adjacent land, that I have been renting out. I have been paying taxes using TurboTax Premier. This year my wife and I set up a sole proprietorship LLC. The paperwork was completed 12/21/2021 including a title transfer for the property to the LLC.
Rent was paid at the beginning of December before the LLC was initiated. Do I need to file a tax return for this LLC for 2021? If I do need to file a return, I’m assuming I need the Self-Employed Personal & Business.
I did pay a lawyer to set the LLC up. Can this cost be applied to the 2022 tax return or would we be required to report on the 2021 return?
I intend to rent RV storage space on the adjacent land so I’m installing a fence. I signed a contract on 12/09/2021 with half payment down but because of timing and material shortages the fence is not going to be completed till mid-March 2022. I’m assuming this cost would need to be amortized but do we split the cost between 2021 and 2022?
If it makes any difference, I’m in Missouri.
