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Updated almost 2 years ago,
What bank account to have rent deposited to
Hello,
My name is Aymee and I am new here! I am closing on my first investment property located in Peoria, IL in a few days and I currently reside in Los Angeles, CA.
I am trying to determine what is the best practice on which bank account the rental property funds should go in to. Does it matter that i am in CA and the property is in Illinois? I would like to put the funds in a business account so they do not mix with my personal account but i dont want to make the wrong decision and then paying for it during tax season. Does anyone have any experience with this that can help me make the right choice?