Money from rent

1

Hello everyone,

I am aware that the T&Cs state that :r: Personal shall not be used for business. I asked support about getting money from rent into my :r: account and they confirmed that it does bot violate the Terms.

Can anyone confirm?

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2

Rent is usually considered personal income. Unless you’re running a business.

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3

I see. I just don’t want to play with this because it’s like 4 properties. I don’t have a company or whatever but you know.

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4

In that case, I wouldn’t risk it either. I would set up an account per property to keep things organised.

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5

So, do I need a PRO account if I am going to receive money from a rental?
I dont understand why, i am not a self-employed

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6

No according to :r: support. It’s just that the T&Cs are quite vague. What does “doing business” constitute then? Or at what point is income from rent considered business?

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7

Yes, that is indeed the problem. It’s similar to eBay. Income from eBay is not automatically considered commercial, but at some point it can be. That’s why I personally would not risk using a personal current account for “property management” like this. It might be fine, until it’s not. And I would consider multiple properties an indication for a more business-like endeavor compared to just one house. I would keep things separate. It just seems not worth the hassle to me.

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8

My thoughts exactly. Will do that then. :pray:t2:

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9

But can that money be sent later to a personal account?

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10

Yeah, that shouldn’t be an issue as you can verify with a bank statement.

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