All Forum Posts by: Samantha Kincaid

Our W2 income is 150k+, will passive losses carry forward for future use when W2 income is lower?

@Kase Knochenhauer

Thank you!

We are intending to scale quickly and primarily out of NY once this renovation is finished up (2 years or so).

I have considered a business account as you mentioned. We intend to self manage right now.

If I legally set up the business which all rents and expenses run through, this would be reported just like any other self proprietor business is-correct? It makes shared property expenses a challenge, but I can work with that.

Newbie questions, but it’s the only way to learn.

We are closing on our first duplex any day. Should I create a new checking and savings account strictly for rents/expenses? What are the advantages, as opposed to using our personal account which in this first year will fund some large repairs.

I have accounting software in place to keep track of all expenses and rent but I am curious if creating a separate account matters?

Note, the property is currently not in an LLC. This property will be owner occupy- further complicating the expenses.

In addition we are renting out our single family home.

Any help is much appreciated!

Should we set up one checking account per property?

My husband and I purchased our small single family a few years ago. We are in the process of purchasing a duplex with additional rented storage space where we will move into half of it and rent the other half out. Our single family home will also be rented. We know that is important to keep separate accounts for separate businesses.

Is it necessary to have separate accounts relative to each property?

We keep bookkeeping records outside of bank accounts to manage profit/loss.