All Forum Posts by: Account Closed

Yeah, well, I already know I have an FBI file and they have my fingerprints. :cool:

No, not for what you are thinking...

Concealed carry permits

And ...

Top Secret Security Clearance

They know exactly where to find me because I can't get anyone to remove my tracking chip. :cry:

The chip was a joke, lighten up, okay? I'm being good Mr. Handler, I promise. :lol:

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Originally posted by Kirk Beckley:

1) Set up a monthly recurring invoice for each unit/job.

You do this with memorized transactions. You can also have late payments apply automatically as well.
You do this with classes.
Classes let you group things for easy reporting a data mining.
You mean interest you pay on the mortgage? Or interest a buyer pays to you as a note holder? Principal will apply to the asset account tracking the note you owe or hold, interest will track to either interest paid as an expense or received as income.
You will need an accumulated depreciation sub-account for each property.

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Oh, and I forgot to add to the list of those getting 1099s from us. Any attorney, regardless of entity, gets a 1099 if they did work for our business.

Work done for us personally by the lawyer types, like wills, etc, do not get 1099s.

AND...

You only send 1099s for services. If you also buy goods from an IC, you do not include the goods costs.

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Oh, BTW, they have to be delivered or postmarked by 1/31. Yep, this Saturday.

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The fastest way, is to buy the 1099 package from Staples, OfficeMax, OfficeDepot etc.

If you use QuickBooks it can fill them out for you with just a few clicks of the mouse.

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I will pass along the advice my attorney gave us...

If they are any kind of disregarded entity send them a 1099. This means we send 1099's to all independent contractors who use their SS# as their tax id number whether they be sole prop, LLC, LLP, LP or just straight partnerships.

For corporations with separate tax ids, we do not send 1099s.

On LLCs with separate tax ids, a judgment call is made. Unless it is obvious they are not just a pass through entity, we send 1099s.

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Oh, I don't think the world or even this country is going to end. These times represent some of the best opportunities of real serious hard core investors we have seen in decades.

However, the next few years are going to be very hard and the changes coming out of the current economic situation will be very long lasting and not too pleasant for those who always live on the edge.

These are the rainy days your grandmother told you to save for. :D

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Real investors don't need any help. We were well prepared for the downturn. Now, we are scooping up the best deals. In fact, secretly, I kind of hope the Dems pork-filled (non)stimulus plan goes through. It will be bad for the country but great for real investors. I am still calling my Senators to tell them I want them to vote against it. But, once it passes, you can bet I will take advantage of the additional opportunities it creates through its failure.

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Originally posted by nationwidepi:

Originally posted by Mr_Investor:

Hmmm interesting topic how does this affect lease options?

To my knowledge, it doesn't.

I have been told by my title rep here in CA that double closings without coming to the table with your own funds (which defeats the purpose in my opinion) is considered lender fraud and no title company will touch it.

I would like to see more info and explanation on this topic of option contracts, selling that option, and so forth. The other issue that comes up is the end buyers lender. They will only lend on the original purchase price of the contract and not on the increased price, be it a option, or assignment fee. Therefore, the new buyer has to come to the table with the cash for the option/assignment fee.
If anyone has a legal and moral way to make this transaction happen and it can be done in states such as CA, NV, TX, AZ, etc. we are all ears!
Come on Taz, this is your department - investigations!

Yes, but you are asking for legal advice and I don't do that.

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IRS is a government organization, it is part of the Treasury Dept.

Fed is a quasi-government organization, it is owned by member banks.

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All Forum Posts by: Account Closed

Account Closed has started 4 posts and replied 682 times.

Post: I was just called a conspiracy theorist!!

Post: Bookkeeping - what's your approach?

Post: Do I need to send 1099's?

Post: Do I need to send 1099's?

Post: Do I need to send 1099's?

Post: Do I need to send 1099's?

Post: A Little Bit Of Knowledge Can Be Dangerous!

Post: Real Estate "Crisis"

Post: Ohio Division of Real Estate's take on option contracts

Post: I was just called a conspiracy theorist!!