My wife and I have owned a rental property for over 5 years. Income and expenses were reported on a schedule E. While doing estate planning, our attorney suggested we move the property to an LLC which was formed on 3/30/2020. Since there were no liens (or debt), the attorney transferred the property to the LLC. Based on the posts I read, this may have been a bad idea, but it's done and I need to report my earnings.
Do I just continue to report the income and expenses on the schedule E or do I need to create a new property affective 3/30 and close the old property?
Any help, guidance, or suggestions would be greatly appreciated.
