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Updated almost 8 years ago,
Husband and Wife LLC
hello all
My husband and I are closing on a property this week. We want to close in an LLC we just created. My question is, when i go to create the EIN number, the IRS wants to automatically make us a partnership. My accountant says dont do that as we will have to fill out some 1065 form instead of being able to put the rental income under schedule E. He says to not get an EIN and file the taxes under our personal socials. But i thought the point of the LLC was to keep our personal separate from business in order to avoid liability. Wouldnt filing the LLCs income under our personal socials make the LLC pointless? How can we get an EIN for it without being a partnership?
Thanks!
Martha