You have three "yes" votes for having a tax professional provide guidance or actual preparation of your 2021 LLC form 1065 (this assumes the default partnership structure).
There are a number of issues that need to be addressed and documented:
- First and foremost, hopefully you have an operating agreement drafted. This is a protection for both of you.
- Your "transfer" of property into the LLC will be treated as a capital contribution
- The LLC will take a "step into the shoes" basis on all property
- You should determine FMV of all property on the date of contribution. This may come into play at some point.
- While technically Section 704(c) does come into play, since you are spouses filing joint, the rules don't really impact you.
- However, if at some point you bring in another member, then this could bring Section 704(c) into play.
- Is there any debt attached to the contributed property? If so, this will be an issue that needs to be addressed AND could cause immediate tax if not handled properly.
- Finally, you don't mention if you also reside in Ohio as well. Multi-state tax filing would come into play if you do not reside in Ohio.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
