18 min video
How to enter properly is in your Investor Books Manual on Pages 173 thru 186
Used by Investors to avoid paying Capital Gains Tax Now, you can defer it.
There are many variations involving 1031s including partials.
For KISS method purposes, example used will be simple and traditional.
• Investor has a house used for a rental for 10 years
• Investor purchased house 10 years ago for 50k
• Ballpark depreciation is 51,500 per year, reducing cost to 35k
• Investor can sell rental house for 140k resulting in 105k capital gain
• At 30% tax rate, could mean over 33k in Tax owed.
• Using the 1031 procedure PROPERLY, you could keep the 33k and roll it over into another like kind investment (1 or more rental houses)
19 min video
How to Properly Enter
a $2,000 Earnest Money Check Paid to You
QUESTION from Chuck:
I am doing a wholesale deal. I will be doing a double close on it.
I received a $2,000 non-refundable deposit (EM but paid directly to me).
How do I enter a transaction like this. I tried to look it up on the videos but the link is broken. Thanks for the help
I tried to look it up on the videos but could not find this one.
Thanks for the help
18 min video
QUESTION from Joseph:
We are creating a investment syndication for buying and working out non-performing mortgages in an LLC entity.
Each member will require a capital account for their investment dollars and be able to receive pro-rata shares of profits, return of capital and losses (if any).
Will the Investor Books software support the bookkeeping for the syndication?
QUESTION from Stephen:
"Mike, I am selling a property for $123,000 and unfortunately I have to bring a check for $3,000+ to the closing.
I am pulling my hair out trying to enter this HUD 1 Settlement Statement into Investor Books. Please Help Me, Stephen"
QUESTION from Kyle:
QUESTION from Mark:
Hope you had a nice Christmas.
Two quick questions.
1) Loans - Land Contract. (Contract for Deed)
Which accounts are used?
I created a new item (Loan Payment under Other Charge) and (Account Uncategorized Income) or do I just use Rent like we do for tenants.
2) Statements Email & Print
Most of my tenants have a email, but several do not.
When I try to email all statements it will not allow me to go forward without having all of them with a email.
If you have to do it separately what is your procedure?
I sure want to save the postage.
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