Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 10 years ago,
Quickbooks - how to add previously acquired asset and accumulated depreciation
Hi BP folks - any Quickbooks DIYers out there?
I just started doing Quickbooks effective 2014 and got some help from a bookkeeper to do the journal entries from the HUD1's to add the rental house assets I purchased this year. But I have one rental I've owned for 6 years and need to add as an asset with starting balance for 2014 (ending 2013). My "books" start with calendar year 2014, with only a few starting balance entries in late 2013. How do I add this older asset in 2013? Do I book the original value I've been reporting on my taxes and the accumulated depreciation through 12/31/13? What other entries are needed? (Note - I had not been amortizing any financing costs on that asset - just learned about that this year).
Also, I am not mapping all my entries to tax accounts at the moment. My CPA (tbn) - will have a chance to sort/assign/correct things during tax prep.