with LIVE Q&A following
IRA Rollover Tax Update from J. Michael Grinnan CPA
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.
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Tax Updates for Real Estate Investors from Mike Grinnan CPA
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.
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Getting Started Tenant Tracking 40 min Video
QuickBooks Q & A – Real Estate – 3 companies, Invoices, Receipts, Tenants, Deposit
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
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Security Deposit Refund To Tenant After They Move Out
Here is short 20 minute video showing you how to properly handle the final settlement when you have a tenant turnover. This example shows the tenant moving out is due a check from you because the damages from the move out inspection was only $200 and your tenant had an $800 security deposit.
23 min video
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Selling Real Estate When Seller MUST Bring Money to Closing
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”
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QuickBooks – Upgrading from version 2007 to QuickBooks Pro 2014
QUESTION from Sue:
Hello Mike….
In 2008 we purchased Investor Books and Quick Books 7 from you and have enjoyed the benefits ever since! Thank you!
Both our computers operate on Windows XP. One computer died yesterday so now we have made a purchase of a new one which comes with windows XP. We also bought Quickbooks 2014. My question – will the Investor Books program we purchased so long ago work with WINDOWS 8 and Quickbooks 2014???? Fingers crossed.
thank you Mike………..
Sue McMorrow
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QuickBooks Real Estate – How To Enter Old Transactions
A Very Frequently Asked Question
“Mike, I got everything up and running using the Fast Start Guide, but how do I get my older transactions into Investor Books? I want to at least go back and enter everything since January 1st of this year.”
This 10 min video shows you how to do it using the phantom bank account.
Remember to use the pause and rewind button if needed. You can make it full screen too.
11 min video
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QuickBooks Real Estate – Buying 3 Properties On One HUD 1 Settlement
QUESTION from Kyle:
Hi Mike,
Love the software still and have a unique question.
I just purchased 3 properties from the same seller and we did it all on one HUD. I know I need to enter the HUD exactly as I received it, but the question is I need to separate the properties because we are going to be selling them separately and splitting the profit on each one.
Should I just enter the HUD as it is, then make separate accounts for each properties so they show up separately for when we sell them and have to enter a selling HUD?
Obviously the HUD we used to purchase the 3 properties will have a big balance on it even after we sell 1 property. It seems it may be tricky to balance this all out.
Hope I confused you with this. Thanks.
Kind Regards,
Kyle J. Weimer
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