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Brian Sherman
  • Investor
  • 95821
17
Votes |
50
Posts

Book Keeping on a house hack with my fiance

Brian Sherman
  • Investor
  • 95821
Posted

Hey gang! 

My fiance and I just got our first house and we are planning to convert a section of the house to an auxiliary dwelling unit and rent it out. We started a shared bank account and are on our way to setting up Wave as our book keeping software of choice. What I'm wondering now is, should we have set up a shared bank account or should we have set up separate business bank accounts that are dedicated only to the business and just split costs 50/50. Does a shared bank acct or separate accts offer any advantages over the other at tax time? 

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