All Forum Posts by: Simon W.

Thank you very much. My reporter not providing profit loss , balance sheet etc.

I just have tax return from him.

I searched on key word 'repairs and maintenance'

I see 21 item is  'repairs and maintenance' then it shows under Schedule C but value for that field as 0

It says under art V of Schedule C 'All the rental properties in SCH E'

Not sure if any issue there

Hi, I'm currently managing 100 SFH's using google sheets with QBO for accounting. I'm getting tired of paying over 700/mo for 5 QBO accounts. I have ownership of about 70 spread across 3 LLCs. I have a 4th LLC which manages all the properties. I also have a 5th seperate retail business and yet another QBO account. Accountants seem to think QBO is unavoidable. Is there a cheaper accounting/ invoicing solution out there for me?

I'm looking to partner with a builder to raise funds for a syndication holding long-term rentals. We've worked through most of the financial aspects, built in buffers, and taken a cautious approach.

One key priority is setting up checks and balances to reduce the risk of fraud, especially when it comes to handling funds. I want to make sure there are multiple layers of oversight to prevent issues caused by a bad actor or rogue employee.

Here are some ideas I have so far, but I’m looking for more:

1. Two signatures required for checks over $1,000 – Does the bank actually enforce this? And what happens with electronic payments (Zelle, wire, ACH, etc.)?
2. I hold the account in my name and grant them access – Would this create any liability for me?
3. Legal agreements – Of course, I’ll have an attorney draft and review them, but I want to come prepared with ideas to strengthen protections.

What other safeguards or ideas do you suggest?

Do you use any fancy tool that you plug in your numbers to calculate your net per year ? Or Just use excel ?

I use excel , but many times I forget to add any expenses and then it messes up the calculations.

How do experienced people do it ?

@Simon W. If you just put a 0 for MISC 🤔Well maybe you can help me out with next : I have a 7 different corporations and LLCs that I have to file for 1099NEC how do I do that in Buildium? They told me that I can file only for one 🤷‍♀️

@Simon W. Right! It can but only if you're a management company you'll have to file 1099 MISC and then 1099NEC .I only need to file 1099NEC because I AM a property owner.

Thanks for your advice! I have Buildium right now and I like the tenant management part so I think I will just add QBO for an accounting I can also file 1099.

Property managers, how do you collect rent from tenants, keep your management fee, and send the remainder to the owner without it reflecting as if you received the full rental income in your bank account?

Are you using a specific property management software to handle this automatically, or do you have a different system in place to ensure accurate tax reporting?

Would love to hear what’sworking for you!

Thanks!