Multiple Bank Accounts

[Blake Dials]

If I am renting a property of mine just under my personal name do I need to set up a separate bank account and pay the property loan, taxes, insurance etc out of that separate account? Or can i just pay everything out of my personal accounts. Asking for tax purposes. 

Thank you!

[Chris Seveney]

Quote from @Blake Dials:

If I am renting a property of mine just under my personal name do I need to set up a separate bank account and pay the property loan, taxes, insurance etc out of that separate account? Or can i just pay everything out of my personal accounts. Asking for tax purposes. 

Thank you!

 No. It does not matter if you have 1 or 100 accounts, what matters is that you do the bookkeeping to keep track of your costs, expenses and income for the property. For example we have a company that has 200 assets. We do not have 200 bank accounts we have 1. But what we do is each debit and credit is tracked and coded to the property.