I know I have to set up a separate checking account from my personal account for my rental property but can it be just a regular checking account or does it have to be a business account? can I have my account at the same bank as I have my personal account or does it have to be a totally different bank?
business account, but not necessarily.
Is your property in a business such as an LLC, S-Corp or C-corp? If it is, then you must set up a business account using your Federal EIN.
If your property is in your personal name, then you can simply use a standard checking account. If your bank offers a business account with low/no fees, then you can opt for that as well.
You can definitely have your property account at the same bank as your personal account and it will likely be easier to set up.
The property is in my personal name. It's is a duplex I live in one half and I will be renting out the other half.
I don't think you have a need for a separate account in this case. Once you grow, sure I can see the need for a separate account for your investment properties. Just keep track of your expenses related to the unit you're renting out and you'll be fine.
I have a few properties that are in my personal name . It's ok to use a personal checking account for them ! This is good because they typically have less fees ! Enjoy !
Also you can keep them all in the bank that you're personal checking is .
Thank you everyone you all have been very helpful.
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