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Updated almost 3 years ago on . Most recent reply

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Adam Beaumont
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Separate business credit card and personal credit card?

Adam Beaumont
Posted

I only have one rental property, and I use my personal credit card to purchase whatever I need for the property.  Any thoughts on exclusively using separate credit cards for business and personal expenses?  My main concern is the headache of separating the charges come tax season.  I rarely use my credit card for either business or personal expenses, however.  But nonetheless, should I have two separate cards?

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Corby Goade
Property Manager
Agent
Pro Member
  • Investor
  • Boise, ID
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Corby Goade
Property Manager
Agent
Pro Member
  • Investor
  • Boise, ID
Replied

There are a lot of moving parts here to consider, you've only scratched the surface. Assuming with one property, your income from the rental passes through to you personally- in that case, there is no danger of comingling and it won't affect your taxes at all. 

Now- the second part is liability. If you are trying to separate your personal assets from your business- and within reason, you should, then comingling funds like this is a no-no. There's more to it than just that, but it's a start.

  • Corby Goade

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