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
Where to Enter Your Equity and Proper Use of CASH from Me
QUESTION from Cassandra:
Hi Mike,
I’m really enjoying your QuickBooksForInvestors system!!
Here’s my question….
I have heard you say you don’t bother with the Owner Equity account cause you let your CPA deal with that.
You say you use the “Cash from ME” (Long Term Liability) account when you infuse money into your business.
For short term interest-free loans to my business, this concept makes sense to me. But, if I infuse money to buy a property, I believe my CPA will complain because this Long Term Liability has no terms such as interest rate and loan period.
I’m also reading the IRS can easily challenge this and force me to treat it as equity.
My LLC expects to pay this infusion back once I sell the property several years down the road. So, how do I justify using a Long Term Liability account when there are no loan terms?
Also, how do I explain this showing up on the balance sheet as a long term liability when it is not a loan with terms?
Thank you,
Cassandra
