All Forum Posts by: Daniel Hart

Not many accountants are going to know how to take an interest deduction on a subject-to deal. Most regular human beings don't know what a subject-to transaction is. To say to get a new accountant is unfair. To be realistic I should probably have to expect to research this on my own and provide the information to my accountant.

My accountant says she had just tried to do this, and the IRS came back and wouldn't allow it, I'd have to get more specifics. She did say that you must be the one responsible for the debt. I argued that I am responsible because it is a lien on my home, but she said that it must actually be in my name.

Ok allow me to start over ;)

I received the deed to a ****** property in the hood for free. It was 3 months behind on the mortgage. I accepted the deed, got a power of attorney, and caught up the mortgage. I did some minor renovations to make the property renovated, and I've been renting it out for the last 3 years. I don't plan to sell it since it cash flows and the balance of the mortgage is about what it's worth. I will probably rent it for another 10 years or until the original seller bitches that a mortgage is still on his credit.

Deed is your name, mortgage is in previous owners name, you've been paying the mortgage, do you write off the interest? My accountant says I can't...

Ok so it sounds like its time for me to just get quickbooks then.

When someone says they will 'do your books' what does that actually mean? Do they go through my pile of receipts and enter them all? How would they know what is what? Seems like it would require a lot of training?

I feel that my old fashioned way of tracking expenses needs to come to an end. I just put things in a spreadsheet and hand it over to my accountant.

However, I don't track a lot of things, like deposits that I get returned, loan proceeds, and other deposits into my account that the IRS might questions, even though they are legitimately not income. I'm getting worried that I won't be able to figure out what some of these deposits are years later if I get audited.

I have 17 rental units, and I flip some properties throughout the year. I make a lot of deposits on houses that I don't get, and I constantly have money going back and forth even if it isn't producing income.

SO MY QUESTION IS: Will Quickbooks do what I need it to do? I am clueless about what it even does. I was thinking about buying quickbooks 2012 for mac, since there arent many other big name programs for mac. What are your thoughts?

I need to FEEL organized, or I get stressed!

Normally Id think $50 is high too, but I came into some money and would like to share it with the people that help me make my living. I know times are tough for them, they are lower income folks, and I'd like to do something that helps that out.

Assuming they aren't behind on their rent ;)

I'm wondering what gifts I could give them that also help keep the property maintained... vacuum, fire extinguisher, plunger, haha.

Or maybe a gift card or gift basket, something to show that I appreciate them. I've found that there is less drama and arguments when you have a friendly relationship with your tenants, and a $50 gift is worth avoiding a lawsuit down the road.

Jeff, I wish that were the case, but it is not likely. If you hire them, you are the employer, and are liable. At least that's what my insurance agent says.

What I'm speaking of is more along the lines of ongoing maintenance. I have a good number of rentals that I hold. Often there is a $50 repair that is needed. I can't exactly call a GC up out of the phone book...