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Updated over 2 years ago,

User Stats

100
Posts
25
Votes
Ryan H.
  • Investor
  • Portland, OR
25
Votes |
100
Posts

Switch to Personal Checking Account if Not Classified as Business

Ryan H.
  • Investor
  • Portland, OR
Posted

Some time ago I opened a business checking account to separate out my rental income and expenses from my personal income and expenses and because I thought that, from a tax perspective, my rental activity would qualify as business activity.  However, in the eyes of the IRS, my rental activity is not a business.  While I still want to keep a separate checking account for my rental activity, should I move those funds in to a personal checking account, or does it not matter?

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