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I currently own two rental properties outright and transferred both of them to my single member pass through LLC. Recently I purchased another property for rental, but had to get the note and title to me individually (the bank for not issue the mortgage in my LLC's name.) The lender will not allow me to transfer the title to my LLC while they still hold the mortgage. My question is that, since my LLC is a single member pass-through, it is treated the same as my personal income. Can I setup my newly purchased rental property in the same quickbooks I have been using for my LLC and treat it the same regarding initial fixed asset, income and expenses? Thank you
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Yes you can
You technically can, but my CPA said that would constitute “commingling” from a legal perspective and thus, render your LLCs pointless.
CPA said you need a completely separate set of books, ie a different “company” in QuickBooks.
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