QuickBooks For Investors America's Only Complete System For Real Estate Investors using Quick Books Pro
47 min Video
18 min video
QUESTION:
Mike, I keep notes on my tenants and vendors. Notes the one they can’t see. I would like to print off all the notes I have for 1 vendor. How do I do this?
This would be great for tenants also. Again, this is for the Notes they cannot see.
Thanks,
A. -Texas
How to Enter a "Revolving Account" Invoice
This is used for any vendor allowing you to buy stuff on your account
and then pay when they send you your monthly statement
This is used for any vendor allowing you to buy stuff on your account
and then pay when they send you your monthly statement
Examples:
Home Depot account, Lowe's account, Menard's, Paint Store, Local Hardware, etc.
3 minute video
The IRS has released the 2020 cost-of-living adjustments (COLAs) for pension plan dollar limitations, and other retirement-related provisions.
Highlights of 2020 Changes
IRA Contribution Limits:
The contribution limit for employees who take part in 401(k) plans, 403(b) plans, most 457 plans, and the federal government’s Thrift Savings Plan, has increased to
QUESTION from Jared:
Hi Mike,
I am absolutely loving the videos and system you have created with Investor Book’s Pro. I successfully have caught up my 2019 books using the system and am using my “rainy weekends” as you mention in the Quick Start videos to fill in previous years (to determine the cost basis of my properties.. and I’m super analytical and want my numbers to match). I’m making my way back to 2016 and almost have everything wrapped up.
For one of my properties I purchased subject to the existing mortgage, the mortgage company escrows taxes and insurance. I cancelled the seller’s insurance and purchased my own at the time of closing. A month after I purchased the property, a disbursement went out of the escrow account to my insurance company. A few days later, the seller’s previous insurance company sent the refunded insurance money to the mortgage company. The mortgage company added the funds to the escrow balance.
I’m not sure where what account to choose in the Escrow register since it wasn’t originally my funds. Initially I thought I would put it in the fixed asset for the property but the money doesn’t go to benefit the property but rather it is sitting in the escrow account. Any advice on how to best enter this? One other way I thought to do is add the refund to the starting escrow balance and call it good. The numbers would work and it wouldn’t impact any of my company financials.
Jared
18 min video
I recently ran an update to Windows 10
only to find that as a result
none of my software package like Excel Word and your Tenant Tracking program work now.
PC guy had to rebuild my system OS and now
I can't get in to my company on tenant tracking
because it does not recognize the Administrator Password I had for Quickbooks.
I contacted Intuit to see if they could help my reset the password to get back in but were no help.
They said the Quickbooks PRO 2007 was outdated and the only thing I could do is update to Quickbooks PRO Desktop 2019.
If I were to do that would your Tenant Tracking software still work and access the data files I have already built and been using up to this point?
How to enter properly is in your Investor Books Manual on Pages 173 thru 186
Page 173
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)