EIN or TIN for LLC?

[Vasudev Kirs]

Hello,

We recently purchased a rental property and created a domestic limited liability LLC (two members - my spouse and I). Title company is asking the EIN/TIN of the entity. Is it better to create a new EIN or is it better to create a TIN or just use my personal SSN?

We would like to keep the operating revenue and expenses separate from our personal stuff but want to file them along with our personal tax returns. What is the best way? Also, do you suggest we create a new bank account to manage property? Could you please provide suggestions?

Thank you!

[Bjorn Ahlblad]

The LLC will need to have an EIN, surprised it does not have one already. TIN is a number used by the IRS for folks who do not have an SSN.

This is a good time for you to hire an accountant BTW..........He said with a smile.🤓