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    pattykoenig's Avatar
    pattykoenig Posts: 2, Reputation: 1
    New Member
     
    #1

    Sep 23, 2014, 12:09 PM
    Is it a good idea to use your business money to pay for a rental home or take it out
    Is it a good idea to use your business account to pay for a rental property or take it out of your personal account
    tickle's Avatar
    tickle Posts: 23,796, Reputation: 2674
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    #2

    Sep 23, 2014, 12:12 PM
    Not a good idea to use your business acct to pay for personal issues. It messes up reporting in state taxes and personal. Best to transfer money to your personal account as a pay check.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
     
    #3

    Sep 23, 2014, 01:12 PM
    If the business is one that owns and operates rental properties, then buying a rental property is fine using business funds.

    Otherwise, you need to convert the business funds to personal funds, and THEN purchase the rental property.

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