All Forum Posts by: Dan V.

If you are planning on using Quickbooks anyway, go ahead and start using it while it is still manageable. Just make sure though that it is set up properly along with your bookkeeping procedure. 

@Steve Saltman It seems like you already figured out the way to track it by setting up the payment method for Section 8 payment. Adding a note on the payment transaction will not hurt as well. Another option, is to split the invoice into 2 lines, 1 for Section 8 portion and 1 for tenant paid portion, if you want to track the income for these 2 different sources as well. 

Hi Benjamin! There's an upcoming networking event next week. It's a good way to meet people in the area. 

@Alfred Litton The interests from loans will be subject to "tracing rules". If you use the proceeds for personal then it is not tax deductible but if you use it for business (ie acquire more properties or pay off loan for investment properties) then it's deductible. Since you will be paying personal loans used to acquire properties, you may still be able to deduct the interest. Talk to your accountant for proper guidance. 

Mint is ideal for personal finances & budgets, but not for business. Quickbooks will let you track transactions by properties which is a very important feature in real estate industry.

@David Lucas Should you decide to settle in Norfolk and do Airbnb, here's the link for the short-term rentals process in the city. Good luck and thank you for your service!

@Austin Works Some states have specific guidelines in classifying whether a worker is an employee (W-2) or an independent contractor (1099), you might want to check that with your state or consult with legal experts. 

You may refer to IRS Publication 535 (page 15).

@Emily Di It looks like your problem is just a matter of consolidating and re-organizing your chart of accounts. as Michael mentioned, if you are using Plus version then you will need the Class feature (it needs to be activated in the settings) and create class for each property. You will still have the granularity by tracking each property horizontally instead of vertically. So when you wanted to see your fixed assets by property, just run a balance sheet grouped by Class and you will see the land cost with each property having its own column. 

 As always, thank you for your response! More power to you!