Geri May
Codes for bookkeeping
I have decided to use Xero trial for my bookkeeping, where do I go to get some chart of account codes? I am wanting to know if there are specific codes I should be using for things like travel expenses, rehab, mainten...
George Post
Parents Gift to Purchase a SFR- Taxable Earned Income?
Good Day!I have a client who is being gifted $170k to purchase an owner occ. SFR as a primary residence. The donor is her father who will also be living there as his primary residence, but will not be going on title. ...
Davit Gharibyan
Management LLC is unnecessary for self-managed properties...
Currently I have a holding llc and a management llc. I own both. I was doing my taxes and my and my accountant suggested not to use a separate llc for my pm company. He explained that it is unnecessary and generates e...
Tyler Durbin
With Multiple LLCs - master bank account or individual accounts?
I have 3 rental properties all in individual LLCs. My intention is to continue to add to the number of total properties over time. Which LLC/bank account structure is best practice?A) All LLCs have their own bank acco...
Earl Stewart Jr
S-corp tax filing for uber and flipping house(3 years held)
I have a single member LLC that is taxed as a S-Corp in which I flip homes and drive for Uber. I purchased a property in 2017 and finally sold it in 2020. I sold it for less than what I bought it for. I have filed the...
Rafael Moreira
Self Directed 401K Investiment Property
HI,I created an LLC a few months ago for my consulting business, and would like to get a Self Directed 401K account setup soon for future real estate investiment. I live in the Pocatello, Idaho area and would like to ...
Stephen Stefanini
STR / Airbnb Tax advice
This is the first end of tax year for my STR business. I've done my own taxes for years, but this will be my first time with an LLC & small business.Any advice regarding taxes or accounting?
Steve Fitzgerald
Operating Expenses vs Journal Entry
This might not be the right forum, but I thought I'd give it a try. I'm keeping my own books for now. For those of you who are keeping your own books do you typically count your principal, interest, and escrow as oper...
Evan O'Brien
Bank Accounts for STR Expenses
When you start purchasing short term rentals is there a certain amount of bank accounts that you have for your monthly expenses associated with the property? And if so what type of bank accounts should you have for th...
Edward Salazar
How to Handle My Mobile Homes Rental Income?
Hello everyone and thanks for any feedback. This year i bought and renovated a few mobile homes in FL under the same LLC and already rented them out. The income is coming in to the LLC's bank account. My questions are...