I have a similar question. I just put the property into an LLC in November. It is single member LLC. I owned the property before as well. I was putting it on my schedule E, I just created the LLC for added protection. Do I have to split the finances between before and after LLC? Or do I just continue to report the finances under my personal return? Second related question, as far as bookkeeping, I just got quickbooks desktop pro plus 2024. should I use this program to manage all P&L expenses for the LLC regardless of how I report it for tax purposes. My answer so far to these questions is use the software for bookeeping, but continue to report on personal tax return. Is this the case even if I hire people to help me manage the property and pay them payroll? (3rd question I guess).
