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11
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2
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Daniel Wolz
  • Columbus, OH
2
Votes |
11
Posts

Existing LLC, New rental in personal name

Daniel Wolz
  • Columbus, OH
Posted

I have an existing LLC with 4 rental properties in its name free and clear (purchased all cash), a bank account, and file taxes as an LLC. I am paying cash for, but wish to mortgage immediately in order to take advantage of low interest rates (and more importantly, not be completely broke) which will have to go into my personal name to satisfy the lender.

My question is - do I use the LLC bank account and thus, go into my LLC taxes, for this property? Or because it's in my name, I would need to keep separate from my LLC and handle everything through my personal bank accounts? If I have to keep this property separate from the LLC, does that income just go on schedule E on my taxes directly? Just want to make sure I can still deduct mortgage interest and regular expenses as normal while still maintaining the limited liability on my other properties.

Thanks in advance to to anyone with advice who knows taxes, laws, and/or has been in a similar situation!

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