Shift taxable personal income to business
For purposes of reducing my personal taxable income, is it effective to run rental income & expenses through a business? I need some of the rental income for personal household expenses which would be a salary (right?). With a business, at least I'd be able to control the amount of income to myself vs. the business.
No, I don't have a business for the rentals yet because I'm avoiding any more financial complexity. I only have one bank account and one credit card account and use Quicken reports for allocation. I'd expect another bank account and another credit card for the business. That will make sense most of the time but certain times it won't, like vacation trips that are also searching for rental property.
Due to the infamous 'due on sale' clause of lenders, it is unlikely that I'd transfer the rentals to the (LLC) business.