Starting Out
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Creative Real Estate Financing
presented by

Tax, SDIRAs & Cost Segregation
presented by

1031 Exchanges
presented by

Real Estate Classifieds
Reviews & Feedback
Updated over 5 years ago on . Most recent reply

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