first, I am not a CPA -this is just opinion. if this llc simply holds real estate, you will file a 1065. the p&l of the real estate is filed on form 8825 which carries over to the 3rd page (i believe) of the 1065. and depending on the size of llc and answers to yes and no questions on 2nd page(??) below inventory schedule, you’ll complete page 4 of 1065 which is balance sheet and reconciliation of p&L,& equity. then you would break down these profits/loss as agreed to seperate partners on each partners K-1, each partner takes their own k-1 and imputs as applicable on their own personal 1040.
However, if your asking this. I STRONGLY suggest getting a CPA at least the first time around
I started a real estate partnership this year that owns the building of my manufacturing LLC Partnership. I assumed that I would file a form 1065 but this form seems to deal only business and trade activities. Where do I start? Is the 1065 the corect filing form? There are two partners is the real estate partnership at 50% ownership each so a very simple partnership. Do I just include the information on a schedule E and not file a form 1065? Is there another form that I have to file? I have looked at IRS documentation and it isn’t at clear to me. This is a really basic problem and any information to get me started would be greatly appreciated.