When receiving payments after selling houses

[Hyeseong Park]

Hello all, 

This is a newbie flipper who is about to sell my flipped house.

I bought the property with a name of LLC and I have one question while selling it.

I assume that I will receive payment for selling the house as a check and want to know what the better way to receive the payment is via between LLC bank acc or just personal bank account in general.

And want to know what are some advantages tax-wise if I put the payment into my LLC bank account. Also, is it okay to feel free to use that money for personal stuffs like paying rent, utilities from the LLC acc?

Lastly, as I'm going to purchase a used car, which is going to be normally used for driving for cash to find distressed properties so want to make sure if I should buy the car with the name of LLC, not with my name as well.

Thanks so much!

[Chris Seveney]

@Hyeseong Park

Typically closings will wire the money. Everything else I recommend is asking your cpa

I would be careful buying a car for the LLC as you should only use it for those purposes

You are better off looking to see if you can deduct mileage with your car you have now. As a side note just because you can buy a car with your LLC doesn't mean you should.