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Updated over 9 years ago on . Most recent reply

User Stats

144
Posts
28
Votes
Kevin Trumbull
  • System Administrator / Investor
  • Eugene, OR
28
Votes |
144
Posts

Question on possible co-mingling of funds

Kevin Trumbull
  • System Administrator / Investor
  • Eugene, OR
Posted

I'll be purchasing my first rental property soon and I had a question on co-mingling funds as it pertains to the 'business' (I'll be holding in my own name).

I've set up a dedicated checking account that I'll use to receive rent and make business-related purchases from (repairs, travel, etc).  I was planning on transferring my net cashflow to a savings account to re-invest later.  However I also transfer money from my personal checking account to this same savings account (saving money for investments).

Is this a co-mingling of funds as it pertains to the business?  Is this a problem?  Any issues with what I'm planning on doing?  Will I have issues at tax time by doing this?

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