Business bank account or personal acct
I need some advice on rental bank accounts. So I have an llc and business account set up for that llc, but I just bought a duplex with an fha loan which isn't in the llc because I couldn't get fha approved for the llc. Do I still use my business accounts to collect rent for my duplex even though it's not held in the llc? Or do I just open up an additional business account in my name?
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@Zachary Engen. If the new property isn't owned by the llc then you will not want to put the income in the bank account nor pay expenses from it. This is called commingling and its a big no no with bookkeepers and cpas. I suggest to all my bookkeeping clients to open up a separate bank account for this property. I further recommend, having an income, expense, property tax accounts at the very least. Check out profit first and profit first for real estate investors for more info on those accounts.
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