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Updated 12 months ago,

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3
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Debbie Pratto
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3
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Estate EIN and creating 2 Bank Accounts for 3 houses with survivor interests

Debbie Pratto
Posted

I am an owner of 2 rental houses I owned with my brother. He died and now the houses are in Probate including his separate house. I will be a 75% owner of the 2 properties we shared and a 50% owner of his separate house. I have one Estate EIN number. I want to open 2 Estate bank accounts tracking the income and expenses of 75% ownership of 2 houses, and the same for the 50% ownership of the other. Can this be done? Or do I lump everything into one Estate account under one EIN Estate number? I use Quickbooks and have managed the properties using classes in one Quickbooks file BUT with 2 separate checking accounts (one for 2 houses, and one for 1 house) . My CPA says to ask a bookkeeper but I've been doing the bookkeeping for the last 12 years. My brother only died recently and the courts just named me as Administrator. With different percentages of ownerships and different income and expenses, I'm not sure throwing everything into one account is the best idea. At the end of probate I will need to show profits for the entire Estate but the profits of the houses have different ownership percentages. Help