my wife and I formed an LLC with just the 2 of us as members
You're already aware of what a waste that was for just a rental property. So I won't delve into that.
But that means you have a multi-member LLC. A multi-member LLC is required to file and IRS Form 1065 Partnership/Multi-member LLC tax return. The 1065 is due to the IRS by March 15th of each year. The late filing penalty is $200 per month, per member. So right now you're looking at a $400 late filing penalty.
To complete the 1065 Partnership/Multi-Member LLC return you need to purchase TurboTax Business. You can get it at https://turbotax.intuit.com/small-business-taxes/
TurboTax Business is not available as an online product, or for MACs. It's for the Windows operating system only.
The 1065 return must be completed before you can even start your personal 1040 tax return. This is because the partnership will issue each partner a K-1, which each partner will need in order to complete their personal 1040 tax return.
I would highly suggest you seek professional "AND" legal help for your first year dealing with this. If the property deed has your name(s) on it, and you change it to, or add the LLC, chances are your lender is not going to be happy when they get the next property tax bill showing that change. This "could" have the potential to create legal issues for you. Additionally, was the insurance company informed of this change and did the agree with/approve it? No answer required really. Just trying to make you aware of the potential pitfalls that could cost you big time here, at some point in time.
