Keeping rental income separate

[Anne Grello]

Newbie closing on my first property, how do I keep my rental income separate from my personal accounts if I don't have an LLC and therefore can't open a business account? Should I just open a separate checking account? This is my first and only investment property. Thank you!

[Jamie Banks]

Quote from @Anne Grello:

Newbie closing on my first property, how do I keep my rental income separate from my personal accounts if I don't have an LLC and therefore can't open a business account? Should I just open a separate checking account? This is my first and only investment property. Thank you!

I recommend using Baselane, it's a bank account for landlords that you can set up in your name or LLC I believe. You can create one account and up to 20 virtual accounts for reserves, security deposits, etc. You can also do your bookkeeping using the site to tag each expense by type so that you can see your monthly and yearly income statements. There's also an option to generate all the info you need for your Schedule E on the site.