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Tax, SDIRAs & Cost Segregation

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Garrett Tierney
Pro Member
  • Real Estate Agent
  • Bolingbrook, IL
32
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45
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Paying refinance closing costs. Personal or rental account?

Garrett Tierney
Pro Member
  • Real Estate Agent
  • Bolingbrook, IL
Posted Nov 23 2020, 13:56

Can my cash to close amount be withdrawn from my rental checking account? This account receives all of my rental income, and my mortgage and other property-related expenses are withdrawn from this account. It is entirely separate from my security deposit holdings. Are there any tax or legal ramifications to avoid by paying closing costs out of the rental checking? The property being refinanced is the same property that the account is used for.

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