Crystal Wilson
Approving for loans with my business income
I have a personal and a business account. I only use my business account for my 3 rentals I own. So I know what money is coming in and out. But when I go to get approved for a loan they want to see my business income....
Harry Garner
Depreciation Not Included on K-1
My wife and I have recently formed an LLC in Alabama with her 2 siblings and their spouses to purchase a short term rental property also in Alabama. We are 15 months into this and are now having our first full year ta...
John T.
QuickBooks - Using the “Cost of Goods Sold” account type
I am a landlord who manages my own rental property. I do not manage property for other owners. I set up my chart of accounts in QuickBooks to include, among others, two types of accounts: (1) Cost of Goods Sold acc...
Jay Boyle
Are security deposits income on the profit and loss sheet?
Hi I am new to apartments. I presently have a 90 unit under LOI. The financial data I received from the seller shows the incoming security deposits as income and the outgoing security refunds as expenses. is this typi...
Tiffany Da Silva
Advice needed on real estate LLC business banking & Organization
Hello All,I have been investing for the last 4 years in real estate and am on the way to purchasing my 3rd property (a flip :)I am having a hard time knowing how I should organize my incomes, expenses, taxes, ect for ...
Alexandra Isenhour
Passive and Regular income when filing taxes
I have $200,000 in regular income for a separate business and $200,000 passive income in real estate investments business and my accountant files them together. Shouldn’t they be filed separately? By filing together i...
Matthew Botelho
Tax question on positive cash flow
Hi BP,I have a tax question about positive cash flow money on multi family houses. If I'm making a positive cash from a multi family house and if I continue to keep that money in a business account and don't clam it a...
Yeshua Williams
Positive Income Issues do exist. Any advice would be great.
A little while back we acquired a property that was a real fixer-upper. Well, we did a good job and now have positive cash flow. In terms of positive cash flow, what do you do for taxes? We'd like to take some out...
Amanda Young
Do you have a separate bank account for each property?
Closing on my second rental next week! And in setting up all the paperwork, I'm wondering what are the pros and cons of having one bank account for all properties vs. having separate bank accounts for each. The main ...
Justin A Edmonds
CPA's: 1 LLC, Multiple, or DBA's under 1 LLC?
I plan on breaking into the real estate industry with rental properties. I hope to acquire multiple properties. Doing so, I'd like to know what is the best way to go about registering these properties. Should I: ...