If you don't have a US-based bank account, I would get one as that's a requirement by most lenders.

Proc. 2002-69, 2002-2 C.B. 831, for special rules applicable to husband and wife state law entities in community property states.I'm happy to answer or confirm any tax/accounting questions if you'd like

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

I'm Nick - a 26 year old tax accountant living in Charleston, SC.

Do you know if there is a service, monthly or annual fee for opening one of these accounts? 

Hi thereAccording to IRS guidelines, once a property is ready and available for rent, meaning after you completed the renovations. you would  be able to deduct expenses. snce this was your main home,  the tax accountant you will use will need to do a conversion from personal residence to a rental for depreciation purposes. the improvement you made, depending on what they are, may be added to your basishope this helps

I was heavy in RE but sold most in 2021 and appreciate the simplicity of a Vanguard TSM account as I head into the last 5 years before retirement. 

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

We have some retirement accounts.

Here are five dangerous provisions to watch for in an Operating Agreement:Dangerous Provisions to Watch:Authority to incur debt without investor approvalPower to make loans to other entities/projectsAbility to cross-collateralize with other propertiesPermission to use investor capital for other venturesCommingling of funds across different projectsWhy These Are Potential Ponzi Indicators:• New investor funds could be used to pay existing investors• Project-to-project lending can mask poor performance• Cross-collateralization puts your investment at risk for others' failures• Commingling enables masking of financial problems• Lack of project segregation enables fraudulent schemesProtective Measures to Look For:Strict single-purpose entity requirementsProject-specific bank accountsDebt limitations and investor approval requirementsProhibited related-party lendingClear fund segregation requirementsProfessional Best Practice:Request bank statements showing separate accounts for each project.