Switch to Personal Checking Account if Not Classified as Business

Switch to Personal Checking Account if Not Classified as Business

Investor · Portland, OR · Member since 2014 · 100 posts · 25 votes

Some time ago I opened a business checking account to separate out my rental income and expenses from my personal income and expenses and because I thought that, from a tax perspective, my rental activity would qualify as business activity.  However, in the eyes of the IRS, my rental activity is not a business.  While I still want to keep a separate checking account for my rental activity, should I move those funds in to a personal checking account, or does it not matter?

1Reply
18 views

1 Reply

Jump to latestLatest
Join the conversationCreate a free account to reply, vote on answers and follow this thread.