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Updated almost 2 years ago,
Help with form 1065 schedule L
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?