DeGerrian Evans
QuickBooks desktop premier
Does anyone have a chart account set up they'd be willing to show.
Jessica Seppo
Tax question on selling previous primary residence
Hello All,My husband and I go back and forth about selling our previous primary residence depending on the market come July 2021. We lived in it for two years and once the current tenants lease is up in June 2021 we m...
Jasper Li
Mortgage Payment Question
I am currently renting one side of my Duplex and living in the other side. I’m collecting the rent into a business account which covers part of the mortgage. And also transferring money from my personal account into m...
Brandon G.
Tax Question
If I purchase a flip property at the end of this year and then sell it at the beginning of next year, how is that taxed? For example, are the expenses reported as a loss this year and the entire sales price shown as a...
Neal Salmen
1031 ? One Partner Wants To Cash Out and Pay Tax
I am a 1/3 member of an llc, with 2 other 1/3 members, that own 3 properties inside the LLC. I would like to get my investment back and pay taxes (i have losses I can apply). The other 2 members would like to keep t...
Greg Widdicombe
Final transaction(s) in QBO to close out a flip
Hi many thanks for all the previous discussions on setting up QuickBooks for rehabbing, we poured through the advice and believe our setup and recording of expenditures are correct - now comes the fun part of recordin...
Eric Helena
1031 exchange with relative
Hey all! I have a question for the pros out there that might be able to provide some guidance for me. I am creating a 5-7 year plan of action for my family. The end goal is to have a piece of land with multiple houses...
Matthew Maggy
1031 Exchange, whether or not to Carry the note, how it works?
I've got a situation and I could really use some advice and input (it's time sensitive and I'm waiting to hear back from my accountant and 1031 Exchange agent).I'm selling my out of state condo for $70k, I paid $26k i...
Martin Min
Should I sell or continue to rent out?
Hello, BP community, I am currently renting out two properties in San Jose, as follows:1: Town house, 450K purchase in 2016, currently sale price: $600K. Expenses: property tax: $6891.68 interest: $...
Misty Wood
Building Homes - Separate LLC?
I am going to be building 3-5 spec homes to sell. Do you recommend getting an LLC for each one? If yes, do I need to setup up separate bank accounts for each one and make sure I am using the correct checking account...