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Forums » Rental Property Questions & Landlording Issues » personal or business?

personal or business? Subscribe to personal or business?

6 posts by 5 users

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Ryan U.

· Buena Park, California


Forum_avatar_avatar-xoomoon

Icon_minipost Jul 07 '09, 10:55 AM

When you guys have rental income coming in every month, do you guys deposit the money into your personal account or business account? Is there an advantage? What do most landlords do?

Still learning....
thanks

Edited: 06/26/2010 at 08:53AM


Josh Green

Banker · Tampa Area, Florida


Forum_avatar_avatar-j20a00g

Icon_minipost Jul 07 '09, 11:01 AM

this depends on how you are set up.

my rental is not in an LLC so the rental $$$ goes into an account that i established as a personal account with a subtitle 'rental'. i keep this COMPLETELY seperate from my other accts. this is due to ease during tax time.

Edited: 06/26/2010 at 08:53AM


Josh Green

Banker · Tampa Area, Florida


Forum_avatar_avatar-j20a00g

Icon_minipost Jul 07 '09, 11:03 AM

should also add, in order to set-up a biz acct, you have to have a biz.....this can range anywhere from a sole-prop to a c-corp.

Edited: 06/26/2010 at 08:53AM


Anthony E Russell

Real Estate Investor · Los Angeles, California


Forum_avatar_avatar-roiguy

Icon_minipost Jul 07 '09, 11:36 AM

Ryan,

I incorporate my business tomorrow. As such, I will be depositing all proceeds into the company account.

Anthony

Edited: 06/26/2010 at 08:53AM


Michael Rossi

Real Estate Investor · Ohio


Forum_avatar_avatar-mikeoh

Icon_minipost Jul 07 '09, 11:47 AM

I run several rental property businesses and deposit all the rents into checkbooks associated with those businesses.

Mike

Edited: 06/26/2010 at 08:53AM


Jon Holdman

Real Estate Investor · Denver, Colorado


Forum_avatar_avatar-wheatie
ModeratorPro

Icon_minipost Jul 07 '09, 12:44 PM

Business account. Its a business, keep it separate from your personal accounts.

Edited: 06/26/2010 at 08:53AM

Small_flying-phoenixJon Holdman, Flying Phoenix LLC


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