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Updated over 2 years ago on . Most recent reply

User Stats

124
Posts
62
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Rich Thomas
  • Investor
  • Salem, MA
62
Votes |
124
Posts

Seperate credit card for rentals?

Rich Thomas
  • Investor
  • Salem, MA
Posted
Hello, I currently own 6 units total, I have a seperate checking account 'Investment property' that all money produced from the rentals goes into and does not co-mingle with my personal checking. Bills for the properties also get paid with this 'investment property' account. My question is do I need to have a seperate credit card for these properties? Most things that I buy on a daily basis for these properties I just charge to my credit card and then pay off with the checking acct for the property. I also use the same credit card for personal use....is this an issue come tax time if audited? I make sure to keep and seperate evey single reciept for each respective property... Thanks!

Most Popular Reply

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3,813
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4,473
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Cody L.
  • Rental Property Investor
  • San Diego, Ca
4,473
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3,813
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Cody L.
  • Rental Property Investor
  • San Diego, Ca
Replied

I have one account and card for 100s of buildings.

When the bill comes for, say, $10k, I'll enter the check to my accounting software and break out the properties and the respective cost categories that made up the $10k (based on what was paid)

Just like my electric bill. I get a $20k electric bill as a single charge. In my accounting software it's broken down into what charge for what property.

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