Does anyone use a good virtual bookkeeping company that is familiar with the real estate business?

Two of the safe harbors that can help you deduct improvements are below:1) 2500 de minimis safe harbor.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)you need to have 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 the invoiceNote: The cost for the Unit of Property includes l additional costs (for example, delivery fees, installation services, or similar costs) if these additional costs are included on the same invoice with the property.2) Small taxpayer safe harbor: To be eligible for the safe harbor, the total amount of improvements for the property for the tax year may not exceed the lesser of $10,000 or2% of the property's unadjusted basis.If the total amount paid exceeds the safe harbor threshold, the safe harbor does not apply to any amounts spent during the tax year.

Finally it sounds like your deposit return was done by the book. Keep

We also have provisions in place where any one partner can stop contribution 'labor' (PM, book keeping, maintenance work etc...) and still get a share of the profits, if it is a matter of not wanting or being able to put in as much time but still interested in having the investment.Dan Dietz

Also for rent, do you open a different bank account for bookkeeping purposes?

We hope to have many children (I come from a family of 9 and she's the oldest of 8 ).I'm a Christian, and active in our local church (Sunday School teacher, bookkeeper, regular attendee, tithing member, etc.).That's a good place to start.

(Bookkeepers and accountants withOUT the CPA license are NOT who you should rely on for RE activities.)

I wasn't too good at addition and subtraction (even with a computer program) so I took a chance and hired a part-time bookkeeper.

I have a park in Nebraska where the city charges for the water and sewer, I bill back for trash collection and the manager / bookkeeper charges $450 per month.

1099 form....www.irs.gov& FYI in my humble opinion(imho) as a former Multiple Business Owner(simultaneously) U need 2:1-Hire a Book keeper/CPA w/extensive familiarity with our business (RE & MB'ing)2-Hire a "Managing" broker w/ a MINIMUM of 5-10 yrs exp.