Updated about 3 years ago on . Most recent reply
Switch to Personal Checking Account if Not Classified as Business
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?