Transferring a rental property to an LLC

[BrotherRick]

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.  

[Critter-3]

Unless you have to file a partnership return for the LLC  you can just leave the rental on your personal return Sch E like you have in the past. 

[BrotherRick]

Just to verify, I don't have to add a new property and close/end the one I've been using for years?

Thanks for the quick and very helpful response!

[BrotherRick]

And to clarify, it is a single member LLC.

[AmeliesUncle · Accepted solution]

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@BrotherRick wrote:

And to clarify, it is a single member LLC.

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For income tax purposes, a Single Member LLC is "disregarded" (assuming the LLC has not elected to be taxed as a corporation).

That means you report it exactly as if YOU owned it.  So yes, it goes on Schedule E and for income tax purposes can be reported as if nothing changed.

[BrotherRick]

Thank You!  I sincerely appreciate the prompt response.