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Updated almost 9 years ago on . Most recent reply presented by

April Benard's profile image
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April Benard
  • Real Estate Investor
  • from Houston, TX
  • Member since Jul 20, 2015
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April Benard's profile image
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April Benard
  • Real Estate Investor
  • from Houston, TX
  • Member since Jul 20, 2015
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April Benard
  • Real Estate Investor
  • Houston, TX
5
Votes |
29
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Tax, SDIRAs & Cost Segregation

Quickbooks setup for rentals and flips

April Benard
  • Real Estate Investor
  • Houston, TX
Posted

Hi Everyone,

For QuickBooks setup, should I setup a separate company for my rental and flipping business? Both are currently operated within one LLC/Tax ID.

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Patrick Liska
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  • from Verona, New Jersey
  • Member since Apr 9, 2014
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Patrick Liska
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  • from Verona, New Jersey
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Patrick Liska
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  • Verona, NJ
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Patrick Liska
  • Investor
  • Verona, NJ
Replied

First, i would form another LLC and separate the two businesses, the activities of both are taxed different - see an attorney about it. then in quickbooks you should set up 2 different companies and track each separately.

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