I borrowed money from a private lender, put that in my account and then paid cash at closing.
QuickBooks For Investors America's Only Complete System For Real Estate Investors using Quick Books Pro
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)
QuickBooks Tax Time Documents
How To Go 100% Paperless as You Receive Important Tax Documents
then simply email your QuickBooks Pro file to your CPA.
The Only Complete System for Real Estate using QuickBooks Pro
49 min video
Happy New Year!
Yes, I know the new year is here already, but this 36 min video gives you HUGE jump for Tax Time Now.
Stay Tuned for the 7 Simple Steps to Make Your QuickBooks Pro Ready for Tax Time
36 min video
Proposed Rules Address 100-Percent Depreciation Deduction
Proposed regulations address the new 100-percent depreciation deduction that allows businesses to write off most depreciable business assets in the year they are placed in service.
Background
The Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97) amended Code Sec. 168(k) to increase the percentage of the additional first year depreciation deduction from 50 percent to 100 percent for property acquired after September 27, 2017. It also expanded the property eligible for the additional first year depreciation to include certain used depreciable property and certain film, television, or live theatrical productions.
Generally, the 100-percent depreciation deduction generally applies to depreciable business assets with a recovery period of 20 years or less and certain other property. Such assets include in part machinery, equipment, computers, appliances, and furniture.
The proposed regulations provide guidance on what property qualifies for the deduction, and rules for qualified film, television, live theatrical productions and certain plants.
How to Create – Print or Email Statements to Your Tenants or Loan Customers
2 minute video
How to Enter a New Tenant properly into Tenant Tracking
11 min video
QUESTION:
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
FLIPS and Rehabs
QUESTION from Randy:
When I buy a house to rehab and flip,
I enter the expenses of the rehab,
Do I enter it as an repair expense?
I do a close out report and I am showing a Capitalized expense,
I do not know how It got there. Help Please
Randy