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Updated over 5 years ago,

User Stats

399
Posts
341
Votes
Patrick Menefee
  • Real Estate Coach
  • Charlotte, NC
341
Votes |
399
Posts

How are non-LLC business expenses handled?

Patrick Menefee
  • Real Estate Coach
  • Charlotte, NC
Posted

I have 2 properties under contract, one in my name and one in the name of my LLC that I just opened. I have a bank account and credit card I've been using so far for the one in my name, and once I get my EIN I will open a business account.

The only reason the new property is in the LLC is because it's a commercial property and I have a partner. I will not be transferring my other property into my LLC anytime soon, so they will remain split.

When it comes time to file taxes, I will have business expenses associated with my LLC and business expenses directly associated with me. Are these treated the same? Can I use the same credit card for both LLC and non-LLC business expenses?

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