Nick J.
More Math and Some Updates on Brokerages
So I started looking for some brokerages to hang my license. I found a few that I originally thought were worth interviewing with. It turns out, their objective is very similar to a used car salesman.
I'm not too up...
Andrew Hamlett
Coding Ledger for Budgeting Repairs/Vacancy
Hi, I have a duplex currently rented and finally chose a management/accounting system. Very interested in Quickbooks but don't want to spend the money yet. I choose Stessa and it looks like a great free program but tr...
Nicholas Lohr
Properly accounting for a BRRRR Cash out Refi in Quickbooks?
I did the BRRRR strategy complete with the rehab and cash out refi. I currently have the old loan and all the improvements reconciled in quickbooks but what I don't have is the new loan and the large amount of cash o...
Ariel G.
Looking into buy my first 4-plex in a metropolitan area in Central Valley California -Did I get the numbers right?
The Property is located in a class C area, right in front of a nice park and close to downtown, shopping malls, churches and a hospital.I walked there at night and I felt safe. Also, during the day I saw families and ...
Account Closed
direct mail tax deductions
Ok so I have my first rental and now I am trying to get in the act of wholesaling and working on my marketing. I have a DBA and a business debit card, but if I am sending out letters, buying lists, these are all tax ...
David Pham
Journal Entries for Property Purchase and Rennovation
Hello,I'm hoping a CPA/Accountant might be able to point me to the right direction on this issue related to journal entries. I'm stuck with how to classified the renovation that I did for the property in my book. Here...
John Paul Terragnoli
Should my CPA file and pay taxes on my behalf?
Sorry for the stupid question. We got a notice from my CPA that our taxes are completed and have been filed. He sent an email saying that we owe about $1000 for our federal taxes and $2000 to NY. Question is, would...
James Sullivan
SDIRA checkbook status and credit card
I have recently went through the process of setting up my SDIRA with checkbook status. The bank that is housing the LLC insisted that I have a credit card. Is it a prohibited transaction to use the LLC credit card to ...
Michael Plaks
EXPLAINED: sending 1099s to contractors and vendors
This is a revision of my old post on this timely topic. Timely because January 31st is the deadline.
Sending 1099-NEC (formerly 1099-MISC) to contractors and vendors
2024 update: While not directly related...
Marian Fine Frueh
Bookkeeping Question - How to record a property purchase
Dear BP community,Perhaps this is a basic and easy question, but I am not an experienced bookkeeper. I understand debits and credits and income statement accounts vs. balance sheet accounts. But I am new to real est...