I got a 4plex house hack! LLC Bank acct Question
I closed today on a 4plex! I will be living in one of the units for rent free (or +/- $100 depending on utilities). I formed an LLC and opened a business bank account.
Question: Question, what is the best way to use the checking account to reflect accurate income for taxes.
Because I won't be cash flowing enough to make needed repairs right away--I will have to use my own personal money. Does that mean I should transfer the money into the business account and then draw from there? I guess where I am getting hung up at, is whenever I add my personal money to the bank account--wont that show up as income? (or do I just makes notes so CPA knows)