All Forum Posts by: Connor Heim

I just signed up for the free trial.  I had been using Stessa, which I really loved, but it is buggy and the banking connection to Chase was continually breaking, which I needed to re-connect, but when I did that I had to go through 200+ transactions and re-allocate the expenses.  This happened multiple times.... so I'm done with them.

Hoping Rental Hero does the trick!

Hello folks,

I am looking at software to manage my RE and am thinking about Quickbooks Desktop.  In a perfect world, I would be able to launch an app to snap a photo of my receipt, then have it auto-magically sync with QBDT and associate the receipt with the credit card transaction (or check).

Anyone know if this is possible?

Thanks!

@Lee Perry -- I'm sad that it's not working out.... I really wanted to use this but it is too buggy right now.

@Simon W. What software do you use and recommend since you don’t recommend QV?

@Lee Perry

Ive been using Stessa for a couple if months and i am going to ditch it.

Multiple times it has lost connection to my bank accounts, then when i reconnect, it wipes out all the previously saved data... so i need to go back in and manually assign each expense to a category and property.

I wanted to love it, I really did. But it is creating hours and hours of redundant work for me :(

@Kayla Elliott. A House *is* a bank account. If you need money, sell it.

thanks everyone!  I appreciate the feedback and feel more confident that I'll be able to hand off clean info to CPA.

Cheers!

thanks! I had looked into the 179 deduction, but thought it does *NOT* apply to residential rentals???

Hi folks,

in 2018 I purchased and placed 3 short-term rentals into service -- my first year doing STR.

I have filed an extension on my taxes, but want to get them done sooner rather than later. While I have kept good records and receipts, I am having a difficult time figuring out what items I'm able to immediately write off as "supplies" and which need to be depreciated.

Where I'm running into difficulty is things like second-hand furniture... Typically furniture would be an asset depreciated over a number of years... but when you buy a dining room table from Goodwill for $35, is that something that could immediately be written off, or would it still be depreciated due to its category of being furniture. Also, STR furniture may have a shorter life-span than stuff in a longer term rental.

And then there are the zillions of things such as wine glasses, soap dispensers, accent rugs, pictures on walls, shower curtains, napkin holders, coffee makers, hangers, decorative items, and on and on and on..... and on. I am a very thrifty and frugal shopper, so the vast majority of these items have come from Goodwill, Craigslist, etc...

I do plan on using a CPA to file my taxes (first time.... always have done my own in the past but 2018 was first year owning rental properties), but I like to have my ducks in a row, so to speak, by being well organized BEFORE engaging the CPA.'

Anyone able to share insights?

Thanks so much!

Connor :)

Hi folks,

in 2018 I purchased and placed 3 short-term rentals into service -- my first year doing STR.

I have filed an extension on my taxes, but want to get them done sooner rather than later.  While I have kept good records and receipts, I am having a difficult time figuring out what items I'm able to immediately write off as "supplies" and which need to be depreciated.

Where I'm running into difficulty is things like second-hand furniture... Typically furniture would be an asset depreciated over a number of years... but when you buy a dining room table from Goodwill for $35, is that something that could immediately be written off, or would it still be depreciated due to its category of being furniture. Also, STR furniture may have a shorter life-span than stuff in a longer term rental.

And then there are the zillions of things such as wine glasses, soap dispensers, accent rugs, pictures on walls, shower curtains, napkin holders, coffee makers, hangers, decorative items, and on and on and on..... and on.    I am a very thrifty and frugal shopper, so the vast majority of these items have come from Goodwill, Craigslist, etc...  

I do plan on using a CPA to file my taxes (first time.... always have done my own in the past but 2018 was first year owning rental properties), but I like to have my ducks in a row, so to speak, by being well organized BEFORE engaging the CPA.'

Anyone able to share insights?  

Thanks so much!

Connor :)