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Updated over 5 years ago,
How do you track expenses for a new LLC?
My wife and I recently closed on our second property. We purchased a house in 2017, lived there for a year, then purchased another house that we are owner occupying while house hacking through STR and renting out our other house at the same time. On top of that, we have had several people approach us about managing their STR in the area while they are traveling for the summer. We also started an LLC that all of the income will go through for these properties.
My question is, what would you recommend for expense tracking for our new business? We want to make sure that we are setting ourselves up well come tax time next year. I have heard about Stessa through the BP podcast and am aware of QuickBooks. I am trying to figure out what the best system is for our situation.
Thanks in advance!