All Forum Posts by: Cheree Harris

Hi!

Are you separating rental payments from your general operating account or depositing all monies from the business, including rents in one account. I only have one rental right now but as I acquire more properties, I want to keep up with the accounting for each property the most efficient way available.

@Tanvir Sattar thanks for the read! I appreciate you!

@Brandon Rush thank you!

Hi I have starting seeing the phrase house hack and was wanting to learn more about it.

@Brian Boyd

Got it. I appreciate you. Thank you!

@Brian Boyd

What’s missing? We bought the home using my personal credit so the loan and deed is in my name and not the business. Do I file this property on our business tax return or my personal?

@Bob Norton

Hi I have and we have an operating agreement. I don’t know whether I’m not asking the question the right way but all I’m trying to figure out is since we used my personal information to obtain the line of credit and purchased a home as part of the business and not for me personally, do we file this property under the business taxes or my personal income tax. I don’t know what more information anyone else on this thread needs in order to answer that.

@Basit Siddiqi

I do know what I’m doing and I guess I’m not asking the right way

@Basit Siddiqi

I'm not sure if these are rhetorical questions that I'm supposed to be thinking about or if you are asking these questions for more info but all I need to know is when I file taxes am I listing this property and it's rents and expenses on my personal taxes or file under the business taxes (the LLC).

Applied and was approved for a guidance line of credit in my personal name before starting a real estate business with another party. Closing on the home next week but payments will be made to lender from company account. Since the loan is in my name do I file taxes for the rental property on my personal tax form or the business??