Buiness Advice
I just closed on my second property today. My first deal went wrong because the contractor took off with the repair money. In hopes of preventing this from happening again, I am the General Contractor on this deal, which simply means that the repair money being held in escrow at the title company will be disbursed in my name and I will be responsible for paying the contractor.
I have not formed a business entity still researching the differences between an LLC and an S Corp so I don't think I can open a business account. I'm getting $21,000 in repair money and I'm reluctant to deposit this into one of my personal accounts because I don't want it to be counted as income. Does anyone have any suggestions on how I should handle this for tax purposes?
Comments(0)