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

[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!

[Kyle Mccaw]

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.