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Updated about 5 years ago,

User Stats

102
Posts
80
Votes
Justine Scheuher
  • Investor
  • Louisville, KY
80
Votes |
102
Posts

I got a 4plex house hack! LLC Bank acct Question

Justine Scheuher
  • Investor
  • Louisville, KY
Posted

I closed today on a 4plex! I will be living in one of the units for rent free (or +/- $100 depending on utilities). I formed an LLC and opened a business bank account.

Question: Question, what is the best way to use the checking account to reflect accurate income for taxes.

Because I won't be cash flowing enough to make needed repairs right away--I will have to use my own personal money.  Does that mean I should transfer the money into the business account and then draw from there? I guess where I am getting hung up at, is whenever I add my personal money to the bank account--wont that show up as income? (or do I just makes notes so CPA knows)

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