Beneficial Ownership Information Registry Now Accepting ReportsJanuary 1, 2024Existing Companies Have One Year to File; New Companies Must File Within 90 Days of Creation or RegistrationWASHINGTON – Today, the U.S.

Hi @Adam HoekerI have my clients all on QuickBooks Online.We sync in their accounts to reduce human error in entries, and track each property's expenses and transactions to prepare for Tax time, this helps us to be prepared for 1099s as well, track Asset Basis and Depreciation, Mortgage Balances, and any Equity items.Since QBO is very common, it is easy to connect a Tax Accountant to this as well and have them pop in to grab reports they need to file. 

California is generally more cumbersome than other states when it comes to taxes and filings.

Here are a few:Pros: -Reliable rent paid every month-Stable tenants that typically stay in the unit for a long time-Purchase prices are typically lower so easier barrier to entryCons:-Getting the files onboarded and processed is very tedious.  

Cars are covered by car insurance, not homeowner or renter policies.Tenants files a claim with their car insurance, and you don't do anything.

There are two separate issues here: one is combining your personal and business banking which can complicate filing your taxes and is generally frowned upon.

In my view it more useful to focus on the total asset value rather than the number of properties in the LLC.I have found that filing the 1065 for a partnership LLC is simpler when the total asset value is less than 1 million.

You are moving into a very gray area if you are borrowing money from more than 1 family member and it's not for a specific deal as you should need to file an exemption from the SEC.

As it is, I've gone back to just keeping paper receipts in a file folder and electronic receipts in a gmail folder.

This can be fairly straightforward, depending on your agreement and if a partnership return was ever filed, you'll want to report half or your portion of the basis in the property as well as half the sale price minus expenses.