Bookkeeping/Taxes at the Parent company level

[Max Brudner]

Hey all, brand new one here - first post! I've been reading a lot, but can't find the answer to my question. I have two rental properties, building two new ones right now, and have four more lots on which I plan to build either SFRs or 4-plexes. Either way, my portfolio will be growing this year. I'm looking to keep 1-2 residences per LLC to minimize risk - so this will require me to have multiple LLCs. Unfortunately, that makes it extremely difficult for bookkeeping. I use QB Desktop and track my properties using Classes, but I don't want to have to jump between many separate QB companies to maintain my books. I have a parent company and my LLCs are members of that parent company. My question is - can I maintain all records and books and file taxes at the parent company level and treat my individual LLCs are disregarded entities?

Thank you,

Max

[Gita Faust]

Quote from @Max Brudner:

Hey all, brand new one here - first post! I've been reading a lot, but can't find the answer to my question. I have two rental properties, building two new ones right now, and have four more lots on which I plan to build either SFRs or 4-plexes. Either way, my portfolio will be growing this year. I'm looking to keep 1-2 residences per LLC to minimize risk - so this will require me to have multiple LLCs. Unfortunately, that makes it extremely difficult for bookkeeping. I use QB Desktop and track my properties using Classes, but I don't want to have to jump between many separate QB companies to maintain my books. I have a parent company and my LLCs are members of that parent company. My question is - can I maintain all records and books and file taxes at the parent company level and treat my individual LLCs are disregarded entities?

Thank you,

Max

Each EIN should have its own QB file. Few reasons are:
- You will need Balance Sheet by EIN 
- if you have an audit for one EIN then you will open up to all the other companies as one Qb file will share data

Manage your money better to reduce  intercompany transactions. How about a PM company that you will funnel all in one entity and one QB and then at the end of the month enter one entry. 

fyi: it is the Part of doing business 

disclaimer: please consult with your tax adviser and legal team.