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All Forum Posts by: Landon Mizuguchi

Landon Mizuguchi has started 3 posts and replied 95 times.

Post: Feedback on Rentvine

Landon MizuguchiPosted
  • Posts 95
  • Votes 19

Have used them and liked the experience. 

Post: Managing the Finances

Landon MizuguchiPosted
  • Posts 95
  • Votes 19

We're using Digb and like it. 

When we moved off spreadsheets we also looked at Stessa and Quickbooks. Quickbooks isn;'t setup out of the box for real estate and you need a separate subscription per LLC. The feature that was the tie breaker between Stessa and Digb was taxes.

We're using Digb and like them. 

We use Digb, they also support us with tax filing. 

If I had to chose between Buildium and Quickbooks I'd select Buildium because it is setup out of the box for rentals. This means that you don't need to create new accounts, like rent, and expense categories that are specific to rentals and real estate, but Buildium is expensive and for people with larger portfolios. However, as Dan pointed out Buildium is a property management software with an accounting module.

These aren't your best options for accounting and tax software for real estate. You should also consider Stessa and Digb. Both are real estate focused and setup out of the box for real estate so unlike Quickbooks you don't need to reconfigure everything yourself (or worse pay someone to do this). Unlike Buildium, they aren't property management software. Digb also includes tax filing so this is one of the differences with Stessa. Good luck!

We started out on Quickbooks but after we got our 2nd property and multiple LLCs it didn't work well for me. Also, I had to set it up with real estate specific categories and I'm not an account / bookkeeper so this go really messy. 

I looked at Buildium (more suited for 100 units + in my opinion), Stessa (real estate focused accounting), and Digb (real estate focused accounting). Decided to go with Digb since they also support with tax filing. If you already have taxes sorted then Stessa is also one to explore. 

This blows up my 2024 and 2025 tax strategy ...

Welcome!

Quote from @Michael Plaks:

@Michael Moreno

Short answer - yes, in 2025. Long answer - it's complicated.

For 2024 you have a personal residence with room hacking. Not only your depreciation is limited, you cannot claim any loss.

For 2025, you will have two separate periods. Same as 2024 for the first part of 2025. Then a traditional rental once you move out, assuming you will rent the whole house.

@Michael Plaks if you're living in the house and renting rooms  (e.g. room hacking) you can't claim losses?