Year End Escrow Analysis
Your money held by lender to pay property taxes, insurance, and/or HOA fees
also includes changing your monthly payment if needed
4 min video
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Year End Escrow Analysis
Your money held by lender to pay property taxes, insurance, and/or HOA fees
also includes changing your monthly payment if needed
4 min video
(your money held by lender to pay property taxes and insurance)
12 min video
This short 12 minute video shows you how to do it.
Yes, the IRS can impose penalties if a tax return is not timely filed or if a tax liability is not timely paid. As with all IRS penalties, the rules are complex. However, a taxpayer may avoid a penalty if he or she shows reasonable cause.
Year End Escrow Analysis
Your money held by lender to pay property taxes, insurance, and/or HOA fees also includes changing your monthly payment if needed
4 min video
QUESTION from Becky:
Hi Mike,
I just joined as an annual member today and have a few questions. I'm trying to get through as many videos as possible as quickly as possible in order to get the books done for a client of mine who has 25 LLCs, each with multiple rental properties and properties he has bought and sold. Unfortunately I don't have time to watch the full series as I am in a major crunch at the moment.
I'm specifically looking for videos that will explain how to enter a HUD from a purchase when there is a loan involved and a line item referring to "improvement escrow account" as well as "down payment reserve account" when a loan is involved with a line item "improvement escrow account"
Mike - i assume this appears on your HUD 1 Settlement Statement and I also assume that your client has borrowed money from a lender.
Also, what I am seeing him do on a regular basis, is take out a loan with the line items mentioned above, and then refinance a few months later. So i am looking for the refinance side of that as well.
Could you point me in the right direction on where to find this information?
Thanks!
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?
Thanks,
Joseph
An S corporation may own an interest in another business entity.
An S corporation can be a member of an affiliated group by owning 80 percent or more of the stock of a C corporation. The group then can elect to file on a consolidated basis, if other affiliated group rules are met. But the S corporation itself cannot join the consolidated group.
How Do I? Follow the new-for-2015 one-IRA rollover-per-year limit?
As most people know, a taxpayer can take a distribution from an IRA without being taxed if the taxpayer rolls over (contributes) the amount received into an IRA within 60 days. This tax-free treatment does not apply if the individual rolled over another distribution from an IRA within the one-year period ending on the day of the second distribution.