Organizing Expenses/Taxes on Rentals & Flips
Hi everyone,
It's tax time - and it's giving me a headache! I know there are so many other/bigger issues happening right now, but unfortunately taxes are one of them for me.
My situation: Have a Real Estate Investment company - we do flips and have rentals - and we're a small operation, so I've not used quick books/software in the past, but this year has been a nightmare to organize, so I need to make moves to Quickbooks or some other system. Also acquired another rental, so want to get ahead of it for next year.
Would anyone be up for a tactical call with me to walk through how you organize your expenses (what software, how you separate things) for both your rentals and your flips? I know from a tax perspective they are VERY different...and the more organized you are, the better situation you're in at tax time (and your accountant doesn't hate you....and you don't hate your accountant).
I've read so many articles/blogs, etc about all of this, but want to actually talk to someone who's having success with a system (and who has a mix of flipping and rentals). I do also want to get the Tax book: The Book on Advanced Tax Strategies - but do want to have a tactical conversation with someone who knows more than me about this stuff.....which I'm sure is many, many people.
I'm in Arvada, Colorado - not that proximity matters now, would suggest grabbing a beer, but that's a no go right now, obviously. If you have some time, would greatly appreciate it (and could buy you a six pack!?)
Catie