Would it be okay to open a business checking account to collect monthly rental payments from renters and handle rental expenses and have a monthly automatic transfer to my personal account for the mortgage payment since the loan is under my name and not the LLC? This means the business account would for example transfer 2K to my personal saving account and then 2K would be paid from my personal savings account to the mortgage company every month. The rental properties title are under the LLC. Also would the property taxes deductions fall under the LLC then?
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If it is a single member LLC and you are the only member, it doesn't make a difference for tax purposes if the mortgage is under your name. Mortgage lenders will usually not lend to a new business with no credit rating. So this a common situation.
It would be cleaner to pay everything for the rental property including the mortgage out of the LLC bank account, but not necessary for the tax deduction.
If it is a single member LLC and you are the only member, it doesn't make a difference for tax purposes if the mortgage is under your name. Mortgage lenders will usually not lend to a new business with no credit rating. So this a common situation.
It would be cleaner to pay everything for the rental property including the mortgage out of the LLC bank account, but not necessary for the tax deduction.
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