House Hacking Business Bank Account

[Jacob Guttman]

Hi everyone, I am under contract for a home in South Tampa (SFH 4x2). I will be house hacking and renting by the room. I plan to keep my "business" finances separate from my personal finances. Does anyone have recommendations on free business credit cards? Also reccomendations for business savings/checkings accounts? Websites that automate rent collection? What do people think about Baselane?

Any info helps! Thanks.

[Jeffrey Anderson]

I would run this by your tax professional. My understanding is that renting out any portion of your primary residence is considered personal income, not business. In turn, you shouldn't be putting personal income into a business account. You could certainly open a different personal account to track things, but at the end of the year it all still goes on your 1040, albeit on a different line.