Taxes for new LLC

[Jackie Linne]

Hello!

I created a new Single Member LLC in Ohio for rental property. However the property is still under my name, Do I have to report taxes for the SM LLC (which has its own EIN) that technically has no income?

I do have the business start up expenses, plus the leases are under the LLC.

Or do I have to file everything under my name?

Thanks in advance.

[James Mc Ree]

Report income and expenses incurred by the LLC in your LLC return. Since it is a single member LLC, your bottom line LLC profit or loss will flow through to your personal return. You would report your personal profits and losses in your personal return.

From what you have written here, I don't see any value you are getting from your LLC, but you are taking on overhead. Folks usually get an LLC in this situation for liability protection or anonymity. You have neither since the property is in your name. You have the expense of owning and managing the LLC and the time involved, but no benefit is apparent to me. Just a thought.