QuickBooks For Real Estate Investors
QuickBooks For Investors America's Only Complete System For Real Estate Investors using Quick Books Pro
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.
POST Election Congress Grapples with Extenders as Lawmakers Plan for 2015
The results of the mid-term elections create a new dynamic in Congress with Republicans poised to take control of both the House and Senate in January. Prospects for tax reform may have brightened for 2015. In the meantime, the lame-duck Congress must deal with some urgent tax bills, most notably the tax extenders.
QUESTION from William:
Hello Mike,
My name is William and I am Jim’s bookkeeper since February. Since that time, I have updated the QuickBooks company files for his three companies and have been processing invoice payments through the QB accounts payable system and maintaining the cash balances, but we have some catching up to do on the accounts receivable side. I have several months worth of invoices to post and receipts to receive against these invoices (right now the receipts are just booked as deposits hitting Cash and Rental Income, A/R account is not being used yet). With regards to QuickBooks Pro, should I enter the invoices for the tenants using QuickBooks and process the payments using the normal A/R process, or do I need to enter the invoices using QuickBooks Pro (basically a chicken or the egg question, does QB feed from QB Pro or visa versa)?
Thank you,
William
-Pennsylvania
QUESTION from Stephen:
Stephen asks:
“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:
Hi Mike,
QUESTION from Mark:
(italicized green are Mike’s comments)
Hi Mike,
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.
—
Respectfully,
Mark Mullet
Your Real Estate Consultant For Life
The arrival of year end presents special opportunities for most taxpayers to take steps in lowering their tax liability. The tax law imposes tax liability based upon a “tax year.” For most individuals and small business, their tax year is the same as the calendar year. As 2013 year end gets closer, most taxpayers have a more accurate picture of what their tax liability will be in 2013 than at any other time during the current year. However, if you don’t like what you see, you have until year end to make improvements before your tax liability for 2013 is permanently set in stone.
8 minute On Demand Video shows you how to create Balance Sheets for multiple entities
QUESTION from Darren:
Thanks Mike!
I have a couple of follow up questions. For the LLC, single or multiple, are we suppose to classify every item regardless whether it is a income statement item or a balance sheet item?
Also, can I run a balance sheet just for LLC #1 that will not show LLC #2 balance sheet items? This is where my issue comes in, as my balance sheet is not in balance when I run a report just for LLC #1.
Darren
Joe’s partner
QUESTION from Kyle:
Hi Mike,
Love IBP!! (Investor Books Pro System)
I’ve been doing some co-wholesaleing deals where as I receive a 30% check of our NET wholesale fee.
How would you prefer to enter that into IBP beings that I don’t have any closing statements or anything?
Which label/class would you put on it so it records it as profit correctly?
Thank you sir.
Regards,
Kyle Weimer
Mike, I get where the loan comes from and how to enter the asset and all that. I did all that fine. I was curious how to get my loan money into quick books and zeroed back out at the end again.
Do I deposit the money from my hard money lender into my checking account then write a check for the purchase out of there?
That’s what I did.
Then how do I zero out the loan on my closing statement when I’m done.
I can’t get it to zero out under the loan on my chart of accounts.
Do I do it as COG and that’s it? I did that but couldn’t figure out how to get the loan to zero out under my loan in the chart of accounts. I get the whole post office thing big guy.
Regards,
Kyle W.