I am entering property Taxes paid by the lender. I am also trying to enter the taxes I paid on the properties with no mortgages on them. Please show how to do this also both in Investor Books and Tenant Tracking
ANSWER from Mike:
Great Question! This happens every year and in some states twice or more per year.
Everyone in business must keep records. Among other things, good records will help a business prepare the business tax returns, and will support items reported on tax returns. Taxpayers also must keep their business records available for inspection by the IRS.
Thanks for getting me everything with The Investor Books PRO System with Tenant Tracking. I have already started playing around with InvestorBooks and think it will address my needs quite well. Today, I was successful at setting up each one of my properties as fixed assets as well as mortgages, escrows and some bank accounts according to the manual. So progress!
I was wondering what the best way was to ask questions. Right now, I have few questions.
1) On page 128 of the InvestorBooks manual, it has instructions on how to adjust the register for the mortgage to record principal reductions at year end. Everything makes sense except it indicates that one should remember to enter the class (i,e property) in the register at the bottom of page 128. Problem is —the register does not have a field for “class”. I called Quickbooks support and they told me that there was no way to get a field in the register for “class”. The way the sample report in the manual shows mortgage payments is broken down by principal and interest. This suggests that there must be a way to insert a “class” field in the register. I was wondering whether you might have some insight into how I can get “class” as a field in the register.