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Updated over 4 years ago on . Most recent reply presented by

Bogdan Naescu's profile image
Bogdan Naescu's profile image
Bogdan Naescu
  • Investor
  • from Dallas, Pennsylvania
  • Member since Jul 1, 2016

User Stats

13
Posts
4
Votes
Bogdan Naescu's profile image
Bogdan Naescu's profile image
Bogdan Naescu
  • Investor
  • from Dallas, Pennsylvania
  • Member since Jul 1, 2016
Bogdan Naescu
  • Investor
  • Dallas, PA
4
Votes |
13
Posts
Tax, SDIRAs & Cost Segregation

mess up on income recognition

Bogdan Naescu
  • Investor
  • Dallas, PA
Posted

Hello BP,

I have multiple rentals ,which I manage via 2 LLCs . Due to an error in my property management software, the rent from one unit owned by LLC A ended up being credited on the account of LLC B. The 2 LLC have no business connection so I'm struggling to justify this transaction and how to correct it.

Should I post a correction journal to transfer the funds back between the 2 companies ? would this be an acceptable practice from an accounting / tax / legal pov ?

Can anyone please advise ?

Thanks ! 

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