Using LLC to pay for expenses of rental property (MORTGAGE)
Hello BP community,
I recently created an LLC to manage my rental property and separate business and personal expenses. I have questions about how to use my business checking account to pay for expenses for the rental property.
Background info: the rental property and mortgage are both currently in my personal name, the property is a 4-unit building where I have to pay the heating and hallway lighting bill, tenants pay electric. I have tenants making rent checks out to the LLC to separate personal and business income. I currently have the LLC make a check to my personal name which I use to pay the heat and mortgage. I do not live in the property. Location: Kenosha Wisconsin
Now because the rental property is being used for business purposes, am I able to make direct payments from the business checking account directly to the bank that holds the mortgage as well as paying directly to the utility company?
This is my first LLC and because the rental property is in my personal name I am not trying to run in to any legal issues.
I appreciate any related info.
Tags: LLC taxes mortgage investment cpa law property management