LLC for rental property - do I need an EIN/TIN - what is the best way?

St. Louis, Missouri
Managing Your Property
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LLC for rental property - do I need an EIN/TIN - what is the best way?

Vasudev Kirs
Member since 2019 · 88 posts · 25 votes

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!

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Kyle MccawBusiness Member
Property Manager · Keller, TX · Member since 2011 · 1k+ posts · 1k+ votes
2y

Definitely consult with an accountant.

However, in my situation, I have an EIN for each LLC. Each LLC has at least one bank account. It is always best practice to keep business and personal seperate.

McCaw Property Management4.4914 Reviews
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  • Greg AbelBusiness Member
    Property Manager · St. Louis, MO · Member since 2019 · 6 posts · 5 votes
    2y

    Definitely consult with an accountant.   But trying to keep your investments separate from personal, while using SSN is going to create an issue.    EIN is not hard to get and will be needed for bank accounts, tax returns, etc.   It's worth doing right if you are going to do it.

    1Reply
  • Kyle MccawBusiness Member
    Property Manager · Keller, TX · Member since 2011 · 1k+ posts · 1k+ votes
    2y

    Definitely consult with an accountant.

    However, in my situation, I have an EIN for each LLC. Each LLC has at least one bank account. It is always best practice to keep business and personal seperate.

    McCaw Property Management4.4914 Reviews
    WebsiteView Page
    1Reply
  • Vasudev Kirs
    OP
    Member since 2019 · 88 posts · 25 votes
    2y

    Is it FREE to apply for an EIN?

    0Reply
  • Ayyoub Feza
    Member since 2024 · 29 posts · 11 votes
    2y
    Quote from @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!

    Hi, do you have a mortgage for this property or bought it by cash? If you have lender, is your lender ok with putting the rental property in llc?

    0Reply
  • Vasudev Kirs
    OP
    Member since 2019 · 88 posts · 25 votes
    2y
    Quote from @Ayyoub Feza:
    Quote from @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!

    Hi, do you have a mortgage for this property or bought it by cash? If you have lender, is your lender ok with putting the rental property in llc?

    no mortgage because i pooled with two other friends. heard that it is difficult to get a conventional loan for LLC.
    1Reply
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