Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 3 years ago on . Most recent reply presented by

User Stats

30
Posts
8
Votes
Davis Stoner
  • Investor
  • NE PA, N. NJ
8
Votes |
30
Posts

Tax Deduction's for investment property owner

Davis Stoner
  • Investor
  • NE PA, N. NJ
Posted

Hello all,

For the new year I wanted to organize my finances and maximize profits. I am currently reading Tax Free Wealth by Tom Wheelwright. 

Here is the situation: I own 2 properties in my personal name, but collect rent and pay mortgages/expenses through a LLC business account.

At most of my dinner's I talk about real estate and this deal specifically, I buy contractors lunch, and fill up my tank with gas driving there. A few month's ago the furnace had to be replaced, that would have brought my balance down lower than the mortgage amount (so I paid it on my personal card but kept receipt). Should all of this be going on my LLC's credit card? I am worried that I will run out of money in my business account and won't be able to pay for things out of the LLC checking account. What if my balance run's so low I don't have enough for the mortgage, do I just transfer from my personal account? The goal Is to eventually have enough money to keep them separate, but starting out is a weird in between time.

A majority of my income comes from my W2 job, but I am trying to lower my taxes as much as possible. Real estate seems to be the right tool for this! Thank you for taking the time to read, I know that all the responses will have to be run by my accountant and can't be taken as official legal advice. 

Most Popular Reply

User Stats

22
Posts
7
Votes
Replied

hello @Ashish Acharya im looking for investor friendly CPA and tax advisor, can you send me your information?

Loading replies...