Real Estate Property LLC and Tax Preparation
My first post, so please bear with me. I have a rental property in Texas. I set up a LLC last year but yet to deed the property to the LLC. I've set up a bank account for the LLC and started using the LLC bank account for expenses a few months ago. I have a few questions that I hope to get your help.
1. I still have mortgage under my name on this property, and the monthly payment is automatically deducted from my personal bank account. I learned from this forum that the mortgage might still remain under my name after I deed the property over to the LLC. I don't want to inform the bank to withdraw payment from the business account as they might find out and want me to pay the loan off. But if the payment is withdrawn from my personal account, that is considered co-mingling? How do you guys handle this?
2. How did you guys do the tax return for the first year you set up your LLC? As part of the year is rental property and part of the year is LLC. It looks messy to me...
Thanks again for all the generous advice and experience sharing in the forum. It helped me tremendously.