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Updated almost 5 years ago,

User Stats

15
Posts
6
Votes
Benjamin Branson
  • Monterey, CA
6
Votes |
15
Posts

Changing Primary Residence into rental

Benjamin Branson
  • Monterey, CA
Posted

I am moving due to military orders. I am going to turn my primary residence that I live in right now into a rental. I bought the house under my name using a VA loan. Should I place the house in an LLC when I move or keep it under my name? Also I have a bank account that I had for other expenses and changed the name of the bank account to the address of my home. The bank account is in my name. My plan is to only use this bank account now for expenses related to the renting of my property. Would this work well for tax and business tracking purposes or should I set up a brand new account.