which form should I use for reporting Rental Income

[Gary Li]

I have a LLC and tried to transfer the Tile of my rental properties from my name to the LLC, but I heard the Lender would not allow to do it. so I use my LLC to sign the rental agreements and collect rental incomes and maintain the properties in the past year, but rental properties are still under my name, my questions are:
1. for my personal tax return, should I use schedule E or form 1065 with form 8825 to report my rental income?
2. how to file form 1065 for the LLC on my case (only have rental income)?

I know if the rental propeties are under LLC, then I will use Form 1065 with form 8825 to report Rental income, but on my case, all properties are still under my name, if I use schedule E for my personal Tax Return, then how to file the report for the LLC?

By the way, in order to transfer the Tile to LLC, the Lender asked me to pay off the current loan and refinance using LLC, which I just opened less a year, there is no credit under LLC, anybody has any experience on that?

Thanks

[Steven Hamilton II]

Gary Li,

I highly recommend finding an accountant to assist you.

Your LLC is what is referred to as a "disregarded entity". That means it does not exist for tax purposes. You will still report them on Schedule E even if they were transferred to the LLC.

When you file the Annual Report for the LLC you will include whether it was a positive income or not for the properties.

As a side note: You need to determine your strategy as you open yourself up to liability based upon not keeping it in your name or not using the LLC.

Form 1065 is only used for partnerships and businesses in which there is more than one owner.