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14 January 2025 | 2 replies
We currently accept rent from tenants using a variety of 3rd party apps-Cashapp, Venmo, Zelle but are moving away from accepting payments in our individual names and want to start accepting payments directly to the LLC/business accounts, but LLC accounts do not accept Zelle and there is a fee for using business accounts on Venmo.
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17 January 2025 | 6 replies
These are features like online renter payments, tenant portal (for payments and work orders), help keeping track of work orders, tax reporting features, and accounting functionality.
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20 January 2025 | 11 replies
Most likely your conclusion is correct, but the only way to confirm it is by having a real estate accountant review your tax situation.Also, please read this introduction if you want to better understand the concept:https://www.biggerpockets.com/forums/51/topics/1075919-five-...
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16 January 2025 | 2 replies
They get a higher return since they are covering housing cost, have the $250k per spouse primary residence deduction in gains, is a savings account, higher leverage position, lower interest rate possible, will pay more premium for location, etc.House might be overpriced for REITs but not for home owners.
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20 January 2025 | 5 replies
The ultimate answer is no (and I'm not a tax accountant).
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30 December 2024 | 1 reply
if you have an LLC and both properties are under it, you just need 1 operating account.If both are under your personal, 1 bank account specifically for the rental is enough for operating.Security Deposits should always be a separate account altogether.
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16 January 2025 | 18 replies
A great deal of accountants work with out of state clients.
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17 January 2025 | 11 replies
Please speak with your tax accountant asap or find a 1031 intermediary asap.
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13 February 2025 | 35 replies
You must find a team with a long track record of experience that you can hold accountable.
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21 January 2025 | 59 replies
And 1/2 of that is accounting that I could farm out too, but I enjoy it.