All Forum Posts by: Emily D.

For those of you who allow pets in your rentals, any recommendations on specifics to include in lease (ie: keeping yard clean, no noise complaint from barking dog, etc)? And would you recommend non-refundable pet fee up front, charging extra rent each month, or both? Or should we just stay away from pets altogether?

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What bookkeeping software do you all recommend? We had been using stessa but have heard quickbooks is preferred by lots of people. Would love any insight as we are hoping to scale up and want to be proactive about bookkeeping and staying organized with multiple properties/ LLCs. Thanks!

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Quote from @Randy Rodenhouse:

I the old days for any renovation costs that improve the property and that provided this benefit for more than one year, you needed to capitalize these expenses and claim an annual depreciation expense over the life of the capitalized assets.

However, now If the cost of the water heater is $2,500 or less, it can be expensed (called the called the Safe Harbor Election but don't worry about that...Prior to 2016, the threshold was only $500). The HVAC should be capitalized.

Thank you all very much for your advice! Last question regarding this. We had LVP flooring installed in a few areas where floors were damaged. If total cost for new flooring is over $2500 would that need to be capitalized as well? Thanks!

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For bookkeeping/ tax purposes: if you replace an A/C unit and hot water heater does it get categorized as a capital expenses or repair cost? I have been researching to ensure I log it correctly in our bookkeeping software, but want to be sure I understand correctly. Thanks in advance!

1 Vote

All Forum Posts by: Emily D.

Emily D. has started 3 posts and replied 4 times.

Post: Pets in rentals?

Post: Bookkeeping software recommendations

Post: Capital Expense vs Repair Expense

Post: Capital Expense vs Repair Expense