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Updated over 4 years ago,
LLC rental account or personal rental acct for general expenses
Hi All - Unfortunately I have lost trust in my CPA after reviewing my latest tax returns(they missed major expenses that I had to call out) so resorting to this community for learning and knowledge while I also look for a new CPA
I bought a property in my own name in February and then bought another one in LLC 1 in May and then a 3rd one in June in LLC 2. Both LLC 1 and LLC 2 are disregarded entities owned by my holding LLC. I have separate bank accounts for personal property, LLC1, LLC 2 and Holding LLC.
My question is around non-property related expenses like traveling to scope out new markets, home office, supplies for the office, legal fees, professional services etc.
Should I be using personal property bank account or the holding LLC bank account for these generic expenses for most tax benefit and least risk of audit? Or any other option (Not sure if some of these expenses are even allowed to be deducted)
I have a W2 job and I rent my apartment currently. I am also in the highest tax bracket atm.
Thanks so much. I am always very grateful for all the people helping out.