Quick question,
So I own a condo which is currently being rented out and is under my name. I recently created a LLC company, and plan on purchasing more properties to hold under the LLC. My condo currently has all of its financials handled in a specific personal account labeled "Business Checking', and I'm in the process of opening an official business account for the LLC company.
My questions are the following:
1. Would you recommend converting my personal "Business Checking" to an official business account since I now have a business? Is that smart to do? to keep the same account # and history? or should I just keep the condo and my future properties under the LLC separate?
2. Since the condo is in my personal name and not the LLC company name, can I include the condo along with properties purchased under the LLC company in tax documents filed for the LLC company? or again, should I keep them separate?
The condo will eventually be part of the LLC portfolio, i'm just not able to transfer the title as of yet, so in the meanwhile, would it cause issues w/IRS if I treat it as part of the LLC portfolio? I plan on discussing this my accountant, i'm just curious to know if any of you had a similar dilemma.