Help with form 1065 schedule L

[Tom Anderson]

Started LLC in Nov 22

2 member unrelated LLC deposited 24k into business bank account and

12/1/22 bought first property and year end balance is $2402  ( all expense were downpayment which included closing costs and bank monthly fees and insurance)

Mortgage is 60k 

Downpayment 21,398

Bank fees 10

Insurance 190

Trying to see what goes where in Schedule L cause I am getting error it isn't balanced

My assets would be $2402 cash;  $81682 building cost; - $124 depreciation

Liability. is $60,000 mortgage?

[Natalie Kolodij]

Quote from @Phong Bui:

Quote from @Tom Anderson:

Started LLC in Nov 22

2 member unrelated LLC deposited 24k into business bank account and

12/1/22 bought first property and year end balance is $2402  ( all expense were downpayment which included closing costs and bank monthly fees and insurance)

Mortgage is 60k 

Downpayment 21,398

Bank fees 10

Insurance 190

Trying to see what goes where in Schedule L cause I am getting error it isn't balanced

My assets would be $2402 cash;  $81682 building cost; - $124 depreciation

Liability. is $60,000 mortgage?

You should probably get an accountant, but why are you filling out the schedule L? You shouldn't be required to. Look on form 1065 page 2, schedule b, item 4. The answers to those questions should've allowed you to not fill the schedule L.

Also, I hope you have an extension or operate on a fiscal year because calendar year filings require form 1065 to be post marked by March 15.

 Even if not required to file Schedule L- you always should. 

It's literally the checks/balances system for your filing. Also, it can be a major pain down the road if/when you hit the filing requirement and you now need to retroactively calculate.