Tax Advice and Tips for a new real estate LLC
Hello, I just purchased my first investment property along with a partner earlier this month in Racine, Wi. I am not sure yet if we will fix and sell or hold onto the property and rent it out, the property is held under our LLC. I am looking to get advice on tax reporting and book keeping, I do have some accounting knowledge already but would like to learn more. Are their any apps that would help me track expenses? Any advice on recording of repairs and improvements separately? Are their any special tax credits I should be using or looking into? I do plan on speaking with a tax accountant in the near future to discuss some of these topics but I figured I would reach out to the Bigger Pockets community first. Any and all help is appreciated.
Thank you,
Ross Musil