I strongly recommend that you seek professional help if either or both are putting pre-owned real estate into the partnership. I don't think this is a do-it-yourself situation. Hopefully, this is something for 2025. For 2024, a partnership return was due 3/17/2025. Penalties for late filing are about $200/month per partner, though the IRS usually will waive 1st year penalties if requested.
here are some of the rules if real estate is being contributed
Contributions to the Partnership
Generally, no gain (loss) is recognized to the partnership or any of
the partners when property is contributed to the partnership in
exchange for an interest in the partnership. ..........If as a result of a
transfer of property to a partnership, there's a direct or indirect
transfer of money or other property to the transferring partner, the
partner may have to recognize gain on the exchange.
The basis to the partnership of property contributed by a partner
is the adjusted basis in the hands of the partner at the time it was
contributed, plus any gain recognized (under section 721(b)) by the
partner at that time. See section 723 for more information.
See Regulations sections 1.721(c)-1(b)(7) and 1.721(c)-3(b) for
more information on a gain deferral contribution of section 721(c)
property to a section 721(c) partnership. Also see Section 721(c)
there are other rules to deal with if contributed property is eventually sold.
if real property is being contributed, consider the cost of retitling the property in the name of the LLC. if the property is mortgaged, transferring it to the LLC may be deemed a sale, possibly making the entire mortgage balance due immediately.
