Bookkeeping/Taxes at the Parent company level

2 Replies

Hey all, brand new one here - first post! I've been reading a lot, but can't find the answer to my question. I have two rental properties, building two new ones right now, and have four more lots on which I plan to build either SFRs or 4-plexes. Either way, my portfolio will be growing this year. I'm looking to keep 1-2 residences per LLC to minimize risk - so this will require me to have multiple LLCs. Unfortunately, that makes it extremely difficult for bookkeeping. I use QB Desktop and track my properties using Classes, but I don't want to have to jump between many separate QB companies to maintain my books. I have a parent company and my LLCs are members of that parent company. My question is - can I maintain all records and books and file taxes at the parent company level and treat my individual LLCs are disregarded entities?

Thank you,

Max

Originally posted by @Max Brudner :

Hey all, brand new one here - first post! I've been reading a lot, but can't find the answer to my question. I have two rental properties, building two new ones right now, and have four more lots on which I plan to build either SFRs or 4-plexes. Either way, my portfolio will be growing this year. I'm looking to keep 1-2 residences per LLC to minimize risk - so this will require me to have multiple LLCs. Unfortunately, that makes it extremely difficult for bookkeeping. I use QB Desktop and track my properties using Classes, but I don't want to have to jump between many separate QB companies to maintain my books. I have a parent company and my LLCs are members of that parent company. My question is - can I maintain all records and books and file taxes at the parent company level and treat my individual LLCs are disregarded entities?

Thank you,

Max

 Yes, you can track all the disregarded entries and holding company in one file. It’s a bookkeeping issue. One of the ways is to create another class/location and assign holding company to that. Depending how you do it, there will be intercompany transactions and the eliminating entry will be required.