Buying property using personal mortgage but collect rent via LLC

[Fer K.]

I purchased a rental property using conventional loan under my name, under my personal SSN.

I have transferred the ownership to my other LLC (different EIN, not using my SSN) for legal protection.

My question is that the IRS will know that I am paying mortages, PMI for deduction.

However, the Rent Income is under LLC under different EIN.

I wanted a separate LLC with different EIN to protect my personal asset. However, I felt that I am confused with taxing now.

Legally, my personal pays the PMI but I dont need the mortgage deduction.

The LLC will need the mortgage tax deduction but the LLC will not get the PMI tax statements from the mortgage company

Any suggestion?

[Dmitriy Fomichenko]

@Fer K.

Your LLC is probably a holding entity, which is single-member, pass-through. That means that you will file a schedule E for the LLC and will report both property income and expenses on the same form.

I suggest you hire a CPA specializing in real estate to provide you proper guidance and handle your tax returns.