Where to hold rental income

[Kristy Brueggemann]

Hi there,

My name is Kristy and I am putting my townhome in Davie, Fl up for rent this month. I have never had rental property before. When you collect rent money, is it better to have a separate bank account specifically for the property? I am thinking ahead and want to know what will work to my advantage when I have to do my taxes next year. Any and all advice would be appreciated!

Thanks in advance,

Kristy

[Wendy N.]

Agreed. Separate account is best.