Switch owned rental property into llc

[oceanbreeze700]

How would I make this change on my Schedule E ( which I have been doing for years)? 

Also, What's the real truth about "piercing the veil"? Am I doing this for nothing since the only reason I am considering doing it is purely to protect this paid off property from lawsuits from within the building, and from my other outside businesses. ( I Know many investors suggest forming a separate llc for each rental properly)

Opinions?  

[tagteam]

You need to consult with local legal counsel with respect to liability issues.

Single-member LLCs offer some protection in most states, less in others, and virtually none in at least one state, Florida. Regardless, the best defense is typically adequate liability insurance coverage (premises) along with a personal umbrella policy.

There should be no change with respect to tax reporting if your LLC is a single-member LLC (which would be disregarded for federal income tax purposes).