Bruce Wofford
Accounting Software for Vacation Rental
Our family here in the Kansas City metro just formed an LLC to purchase a vacation rental property (3BR, 3BA condo) in a Colorado resort area. For at least the immediate term, we will continue using the incumbent prop...
Account Closed
IRS Demands Your Quickbooks Files
I was listening to a CPA speak at our local RE club the other day. She said the IRS can and is starting to demand a copy of your quickbooks file when audited.
Does anybody have any concerns about this?
Seems to me ...
Joseph McCrillis
For those who self manage, Do you scan every receipt?
All my 2020 and 2021 expense records (receipts, utilities bills, Insurance etc) all go in a folder in the garage never to be seen again. I am about to start using Quickbooks to track everything better and get more org...
Leon Lee
A quick question on accounts for property/hotel management
Hi, BPersI have a quick question on setting up accounts for managing two properties. They are two hotels with >30 rooms each and belong to different owners. Now, if I am asked to manage both of them, is it more eff...
Joel Owens
What scanner do you use to track receipts for taxes???
I am looking at www.neat.com
Scans all kinds of documents and what I like is it reads the receipts and auto fills into a report for you for easy tracking and you can ditch the paper.
I even see a mobile application ...
Jeff Howard
Keeping records on expenses for tax purposes
All,Quick question... Building a spreadsheet of all my expenditures for my rental property. What kind of data does the IRS want to see if I ever get audited? I assume a list of the expenditures with dates, I also a...
Gaurav A.
cost segregation study
Does it make sense to get the cost segregation study done for 1000 sqft for single family homes?
How much does it cost?
Can it be DIY?
recommended only for bigger properties?
Stephen Sawrie
"real estate professional" designation
so i have read and researched this designation for some time now, and even obtained good info from one of the forums' resident tax experts Steven Hamilton, II, but i am just curious how many out there are actually usi...
Caleb Clay
How do people manage their bank accounts, spreadsheets etc.
I currently have 2 properties and plan to refinance both of them soon. I am a "B type" person and struggle with organization skills. I have one main checking account for my LLC to help separate it from my personal ban...
Zaid Badabwan
Accounting software for a flipper?
What is the best accounting software for flipping business? Are there options for a software in your computer, not in the cloud? Or may be a flipper does not need an accounting software, then what is the best way to p...