Updated almost 3 years ago on . Most recent reply
Take advantage of paying a GC
I'm building an ADU on the back of my property and our first big draw is due this week: $58K. I've been bouncing around Chase's business credit cards and it looks like there's a 2.5% cash back card for large purchases ... like a $58K cottage framing, geo, and concrete bill. Over the course of the build I could get back $3400 if I pay with this card, not a ton of money but I'm not going to sneeze at a free mortgage payment.
I've got two more of these draws coming in the next 2 months. Are there clever ways to pay for large real estate purchases that put cash back in my pocket? I created an LLC to get the card ... but now I'm wondering if there are tax benefits I should pursue instead. Any advice is genuinely appreciated.
-Rick
Most Popular Reply
Not sure how you reconcile a draw with using your credit card.
Anyway, there aren't much of any additional tax benefits. forming a LLC doesn't help with y our tax advantages, its just there to provide limited liabiilty protection assuming you operate it correctly.
But, doing credit card points is a great way to go. Sometimes personal cards do well too which is another reason, not a huge one, to sometimes invest with your personal name.
Good luck.