Does my property have to be in LLC to benefit from real estate tax advantages?

[Elizabeth King]

I have a property in my personal name that I plan to rent annually. I created an LLC to collect rent and manage any expenses related to the property. My accountant told me that I needed to move the property into the LLC (change the title/deed) for the property to be considered a rental. I can't move this property to an LLC as the condo docs refrain owners from owning in LLC. Is my accountant accurate in stating I cannot deduct the expenses related to the property if it's not listed in an LLC?

[Sean O'Keefe]

Quote from @Elizabeth King:

I have a property in my personal name that I plan to rent annually. I created an LLC to collect rent and manage any expenses related to the property. My accountant told me that I needed to move the property into the LLC (change the title/deed) for the property to be considered a rental. I can't move this property to an LLC as the condo docs refrain owners from owning in LLC. Is my accountant accurate in stating I cannot deduct the expenses related to the property if it's not listed in an LLC?

Echoing some of the comments from others on this thread and adding that the LLC is purely for asset protection and limiting your personal liability. 

Since the LLC doesn't own the rental you're missing out on the asset protection that was originally intended. If can't transfer the rental into LLC and there are compliance costs associated with maintaining it you might consider shutting it down.

If the property is in your personal name you might consider filing the income and expenses from the rental on your personal tax return on IRS Schedule E, not through the LLC. 

Having a rental in the name of an LLC, versus personal name, isn't one of the criteria the IRS uses to evaluate if a property is a rental or not. 
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*This post does not create a CPA-client relationship. The information contained in this post is not to be relied upon. Readers are advised to seek professional advice.