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Updated over 9 years ago on . Most recent reply
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Question on possible co-mingling of funds
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?