It depends on the form of the LLC.
Single member LLC - (or husband/wife LLC in a community property state and you elect disregarded entity) is considered a disregarded entity for US federal income tax purposes. You will include the rental income and expenses on a Schedule E attached to your personal income tax return and you would report the rental activities for the entire 2016 tax year as if property was not transferred. You do not need to indicate to the IRS that the rental property was transferred to the LLC and can still use your SSN on Schedule E when filing.
Once
you have signed into your TurboTax Account (for TurboTax Online sign-in, click Here , then select "Take Me to My
Return"), type "Schedule e" in the search bar then select
"jump to Schedule e".
Multi member LLC - is considered a separate entity and will need to be reported on a separate federal income tax return (you will need TurboTax Business, you can purchase a downloadable copy here ) If reported as a partnership (Form 1065), you will need to include your K-1 from this partnership with your individual US federal income tax return. In this situation, you would only report your rental information on Schedule E up to the point when the rental property was transferred to the multi-member LLC. Then you would need to file a business return for the LLC based on your LLC's entity structure (Corp - 1120/1120S or Partnership - 1065).
For more information see Single Member Limited Liability Companies
