Bank Account management

[Jairo Rincon]

Good morning BP!!! So I'm about to close on my first duplex and I wanted to know how I should set up my bank accounts to avoid issues come tax season? Any advice will be greatly appreciated.  Thanks!!

[Frank Chin]

If you own the rental personally, not via an LLC, just open up another personal checking account to park the rents and pay rental expenses. Just use the one checking account, and if you own multiple rentals, then use accounting software to segregate expenses. I did not use a separate credit card for my rental purchases, but if you do that, that would simplify things further.