Tax Question: Does an LLC formed solely for one investment property (land) need to file taxes?

I have formed an LLC with 2 other family members. We purchased land, then deeded the land to the LLC. We put money into the LLC bank account to pay the mortgage, taxes, POA fees for this lot. Does the LLC need to file taxes?

If you had formed a single member LLC, then you could just use schedule C on your personal income tax as the IRS considers the single member LLC a disregarded entity. If you have two other family members as members of the LLC you will have to file a separate return for the LLC.

It should file either a corporate or partnership tax return. IRS does know if there is income. IRS says a tax return needs to filed when the entity has assets or employees.