The safe harbor applies to amounts paid during the tax year to acquire or produce what the regs call a “unit of property” (UOP), you must meet these requirements: (1) at the beginning of the tax year, the taxpayer has written accounting procedures treating as an expense for non-tax purposes amounts paid for property costing less than a specified dollar amount (which will be 2500 for you), or with an economic useful life of 12 months or less;.(2) the taxpayer treats the amount paid for the property as an expense on its books and records in accordance with its accounting procedures. ( do this on your bookkeeping software or whatever you utilize)(3) the amount paid for the UOP doesn't exceed $2,500. as substantiated by invoice.Note: The cost for the Unit of Property includes additional costs (for example, delivery fees, installation services, or similar costs) if these additional costs are included on the same invoice with the tangible property.Eg:A purchases 100 printers at $500 each for a total cost of $500,000 as indicated by the invoice.

I am looking to get advice on tax reporting and book keeping, I do have some accounting knowledge already but would like to learn more.

Aside from the extra paperwork,CPA fees, LLC annual fees, bookkeeping wise, it's pretty straightforward.Finally, you need it for banking purposes, so each entity has its own checking account, so each business would have it's own profit and loss.

The best way to ensure correct filing is to have accurate bookkeeping and records.

Do you need a CPA or just a bookkeeper? 

Does anyone use a good book keeper on line that I could pay to set it up and occasionally use?

But Roof has all the essentials (good bookkeeping, property organization, late fees) with a much nicer interface, so unless you just need a ton of other things it works great.

Of course the bottom line on the settlement sheet isn't all profit - that's where your bookkeeping and tax filing come into play.

Quickbooks has to be set up by a pro bookkeeper, its got some crazy shenanigans you have to perform to get it to work correctly for tracking rental properties. 

Hi, I am a bookkeeper that just acquired a new client who flips real estate.