Bonnie Y.
LLC income taxable if not taken out of llc account?
Hello everyone, I'm new to RE investing. I have two cpa telling different things on this--if I I don't take income out of my llc account, do I have to pay tax on it when I do personal income tax? One cpa says yes, u ...
Joe T.
How to account for rental income with Property manager expenses?
Book keeping question - how would I record full rental income if I don't actually receive money from the property manager?
For example - For January I receive $1000 of rental income and incur $1100 for misc expenses ...
Wes Mccullar
Suggested accounting software to track income & expenses for STR
Merry Christmas BP!!My wife and I just recently closed on our first STR in Destin Florida and are now in the process of getting all of our systems set up. One of the main systems we need feedback on the most is settin...
Mark Gruetzmacher
Quickbooks Question
Hey everyone, I just bought QB and I am trying to get it set up for some properties. Also at the same time I would like to use it for the renters as well. Can it all be in one company file. Searching online I see s...
Kelly N.
Prorated rent collected at closing- tax question
Hi,
We closed on our first rental property last month and had prorated rents deducted from our closing costs. The amount deducted is considered rental income, right?
Thanks,
Kelly
Brian H.
How do you all have QuickBooks set up for flipping?
Hi!At the strong recommendation of multiple folks on here and my accountant I bought QuickBooks. My main confusion lies in how to set it up for flipping? How have you all done this? Any advice at all is very much ap...
Jill Mathis
Former PM charged rent after contract terminated
I terminated my Agreement with my former PM on February 27th, asking to cancel immediately or consider this message my 30-day notice. They acknowledged to my new PM that they received my notice and wanted their 30 da...
Tobey Grey
How to account for rehab time lost on Rental Income Calculator
I'm working on rehabbing my first buy and hold property, a SFH home with a 2 car garage I plan to eventually turn into a studio once the house is done and rented. I am trying to act as my own General Contractor and wh...
Jonathan Small
How to account income from multiple properties on a single 1099
Scenario: I have 3 properties managed by on property manager. I receive one 1099 for all properties at the end of the year. I am using a CPA to do my taxes. How should the tax return capture each property separate...
Vincent M.
Quickbooks setup for STR
Looking for Quickbooks experts!I use QB desktop for my accounting for other businesses and want to set up my STR for tracking Financials. I use Ownerrez. I know O/R does not directly integrate with QBD. Not interes...