Author Topic: Personal credit cards+Business deductions with rental property  (Read 1599 times)

MacGyverIt

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Personal credit cards+Business deductions with rental property
« on: November 11, 2015, 05:46:14 AM »
Researching "what is deductible" and credit cards, I found this great article on nerdwallet.com (https://www.nerdwallet.com/blog/credit-cards/major-differences-business-credit-cards-personal-credit-cards/)

How do you handle the use of a personal credit card for rental-related expenses? Can you use a personal credit card for business and write off annual fee as a business deduction, if you are not an LLC? For instance use a card in my personal name to pay for my property manager, lawn maintenance, carpet cleaning, tax filing (TurboTax fees), etc.

Basically... I'm looking for that perfect nexus of kick-ass credit card rewards and annual fee deductibility. 

Drifterrider

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Re: Personal credit cards+Business deductions with rental property
« Reply #1 on: November 12, 2015, 05:45:49 AM »
Researching "what is deductible" and credit cards, I found this great article on nerdwallet.com (https://www.nerdwallet.com/blog/credit-cards/major-differences-business-credit-cards-personal-credit-cards/)

How do you handle the use of a personal credit card for rental-related expenses? Can you use a personal credit card for business and write off annual fee as a business deduction, if you are not an LLC? For instance use a card in my personal name to pay for my property manager, lawn maintenance, carpet cleaning, tax filing (TurboTax fees), etc.

Basically... I'm looking for that perfect nexus of kick-ass credit card rewards and annual fee deductibility.

I use my credit card.  Just keep good receipts.  As to annual fee..... I haven't had one of those in 20 years so I couldn't tell you about that.  If I did have one I'd find the percentage of use for my rental and deduct that much from the fee (like a home office).  The IRS can disallow or now.