Justin Pumpr
Calculator, or excel sheet for calculating taxes and depreciation
Hey all,Curious if anybody has found a "one shoe fits all" place that they can input all of their deductible items in, so they know roughly how much they might owe/be due when tax season comes around.I found one excel...
Jay Johnson
Transferring passive losses
I had several rental properties that had accumulated passive losses. I started a LLC with my wife (2010) but those previous losses were not carried over at the start of the LLC. My accountant at the time said they can...
Tammy Helble
Quesiton about security deposits
I had a quick question regarding security deposits. I live in CA but my properties are in TX and I heard that you can't co-migle your tenants deposits. With that expressed can I simply have a separate acount within my...
Shan Vincent
Accounting Question- Investor with Real Estate License
I’m a realtor that manages the 6 units that we own as rentals. I’ve been doing this for 7 years. Our accountant has never said until now that I need to have real estate commissions to make our write offs more legit if...
Tiarra D Taylor
1099 S form. Gross sale in wholesale question???
On a wholesale deal. $50k total sale, $11k profit. Double close process. 1099S form says $50k gross proceeds. Is wholesaler responsible for taxes on the whole 50k even though $11k was all they received???Or should thi...
Bobby Balow
Why Our Taxes are So High After Investing in 3 Homes?
Good morning everyone! I want to start by saying thank you to this amazing community! I really hope we can get some advice on our tax situation.In 2020, we only had 1 rental at the time, but an investor in the area wa...
Steven Tomes
Rules on self direct 401k for real estate purchase
What is the best way to use your 401k pre retirement to fund your real estate purchases?
Bill Mitchell
How to spend money you EARN in an LLC
I am gearing up to set up an entity in the form of an LLC. My question is, when you earn money that is made payable to your LLC, how do you spend it?
You can't commingle funds, so how do you spend the money y...
Ron P.
Accounting for Multiple Flips
I have multiple flips going, all under one LLC taxed as an S-Corp, and have the accounting structured as follows:- One Quickbooks file and one bank account for each property. I could use one file and one bank accoun...
Alexander Knox
Book Keeping on multiple properties
Hello BP!I wanted to see if anyone has some advice on how to maintain clean books/records. I am involved in multiple real estate investments, all of which have varying equity interests so it is difficult to keep all p...