All Forum Posts by: Account Closed
Account Closed has started 20 posts and replied 55 times.
Post: Tenant requesting ceiling fixture in a house that never had one.
- Tampa, FL
- Posts 55
- Votes 4
New tenant asked for a ceiling fixture to be installed while electrical sockets are being repaired. This is a 1890's home that never had one. What are my responsibilities for each bed room by law in NJ? any general advice?
Post: How to note "Ready to Rent" expenses in Quickbooks (repairs/rehab
- Tampa, FL
- Posts 55
- Votes 4
@Jana Cain Thanks so much - Also is a new roof amortizable or a giant repair expense?
Post: How to note "Ready to Rent" expenses in Quickbooks (repairs/rehab
- Tampa, FL
- Posts 55
- Votes 4
Thanks so much - Also is a new roof amortizable or a giant repair?
Post: How to note "Ready to Rent" expenses in Quickbooks (repairs/rehab
- Tampa, FL
- Posts 55
- Votes 4
Originally posted by @Jana Cain:
@Account Closed Kinda taking a stab in the dark here, as I'm not totally sure what these "ready to rent" expenses are. Since you state that your CPA has said to add it to the property, I'm presuming these expenses are capital expenditures that need to be depreciated, which makes them an asset. You could add a fixed asset account called "Ready to Rent - Property XX" and drop them in there. Or you could add them to the value of the property, if you already have the property listed as a fixed asset.
Your best bet would be to ask your CPA again along the lines of "which of these accounts should I use/where exactly do you want me to put these expense?".
Correct, expenses for a property purchased that will be rented. So yes, your right on target with the fixed asset account called ready to rent. Now, would I do the same for new appliances?
Post: How to note "Ready to Rent" expenses in Quickbooks (repairs/rehab
- Tampa, FL
- Posts 55
- Votes 4
Perfecto!
Post: Exterior Painting, Repairing Roof Cost 2,800 sq ft (NJ)
- Tampa, FL
- Posts 55
- Votes 4
Typical NJ, where even in the poorest part of the south, contractors charge as much as they can get out of you. Basically accounting for down time between projects. If you shop around, you will find that other contractors already know what their peers charge and keep it around the same rate. What you need to do is get another quote, but realistically consider splitting this up between licensed contractors and handymen. If a handyman can do 75% of the work youll save a ton.
Post: How to note "Ready to Rent" expenses in Quickbooks (repairs/rehab
- Tampa, FL
- Posts 55
- Votes 4
What category/chart of account should I use? The CPA says to add it to the property (asset???). Very confused... please advise.
Post: Is Bigger Pockets RUNING the ability to househack?
- Tampa, FL
- Posts 55
- Votes 4
To househack legally, you need to legitimately live there, not airbnb. Perhaps thats why...
Post: Quickbooks Chart of Accounts for 'Ready To Rent' Expenses...
- Tampa, FL
- Posts 55
- Votes 4
Thank you, i'm asking more specifically, what categories need to be added to QBO in order to categorize these?
Post: Quickbooks Chart of Accounts for 'Ready To Rent' Expenses...
- Tampa, FL
- Posts 55
- Votes 4
My CPA is asking to categorize the following:
"Ready to rent"
"Repairs"
"Appliances"
To be amortized im assuming, added to the basis of the house. Please let me know how you guys handle the chart of accounts?