Loan in my name but LLC paying

[James Brants]

Good morning,

I close on a house tomorrow but the mortgage is in my personal name but the financials come and go from the LLC (monthly rent, closing, all expenses, book keeping). Will that income reflect into me at the end of the year or will it reflect onto the LLC? (I'm trying to separate my work income from the rental by leaving a paper trail from the LLC)

[Chris McCormack]

Your LLC will not file a business tax return. All income (and expenses) will fall on Schedule E of your personal tax return which is where you report rental income and expenses.

Based on your questions, it's important you seek the advice of a qualified tax professional rather than making costly mistakes on your own.