Quickbooks Chart of Accounts for 'Ready To Rent' Expenses...

Personal Finance
9yFollow

Quickbooks Chart of Accounts for 'Ready To Rent' Expenses...

Account Closed
Tampa, FL · Member since 2016 · 55 posts · 4 votes

My CPA is asking to categorize the following:

"Ready to rent"

"Repairs"

"Appliances"

To be amortized im assuming, added to the basis of the house.  Please let me know how you guys handle the chart of accounts?

0Reply
18 views

3 Replies

Jump to latestLatest
  • Gita FaustBusiness Member
    Accountant · Richboro - Philadelphia, PA · Member since 2008 · 901 posts · 246 votes
    9y

    @Account Closed  

    And your CPA is right, you should keep track of all the details. So let us break it down:

    - Ready to rent - is the date when you can depreciate your assets

    - Anything you pay for has to be tracked either in excel, paper and pencil or a software such as QuickBoooks. 

    Make sure you track:

    - Date of purchase

    - Name of the vendor

    - Amount you paid

    - How you paid them

    - What you purchased and why - was it for repairs or improvements

    Now you are all set for cost segregation and saving on taxes.

    0Reply
  • Account Closed
    OP
    Tampa, FL · Member since 2016 · 55 posts · 4 votes
    9y

    @Gita Faust

    Thank you, i'm asking more specifically, what categories need to be added to QBO in order to categorize these? 

    0Reply
  • Gita FaustBusiness Member
    Accountant · Richboro - Philadelphia, PA · Member since 2008 · 901 posts · 246 votes
    9y

    @Account Closed If you are talking about Category as in QBO lingo - then Improvements and Repairs are a must. You start with one and add as you need them. 

    Do not get hung up - get started and add as you need them if you are the DIY kind of person.

    https://www.irs.gov/businesses/cost-segregation-audit-techniques-guide-chapter-5-review-and-examination-of-a-cost-segregation-study

    Check this out.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free