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Updated over 4 years ago, 04/15/2020
Owner Occ Duplex: Accounting
I'm in the final stages of buying my first rental. This will be an owner occupied duplex. Since I can't include expenses for my unit for tax purposes, I'm wondering how I should handle accounting for my unit.
Should I pay rent from my personal account to the business account and then let the business account handle ALL transactions related to this property? Should I send the mortgage company HALF of the payment using my business account and the other half using my personal account? I'm assuminh that if I do the latter, then I'd also use my personal account for repairs, maintenance & improvements to my unit as well.
Is there some other method?