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All Forum Posts by: Carolyn Ivey

Carolyn Ivey has started 1 posts and replied 1 times.

General Landlording & Rental Properties

Post: Do I need a seperate checking account?

Carolyn IveyPosted
  • Laurens, SC
  • Posts 1
  • Votes 0

My husband and I just closed on a house which we will be renting to our daughter and her family.  I'm wondering if I should establish a separate banking account in which to make deposits and let the bank draft the mortgage payment from that account.  I'm not a financial guru, but I feel it would make end of the year tax issues easier.  She wants to just have the payment drafted directly from her checking account.   We plan to do upgrades as needed ourselves, paying as we go.  Could someone give me some advice.  Thank you in advance.

0 Votes