All Forum Posts by: Matthew W.

Hello, We are a property managing company that rehabs and rents our own properties. I am confused when I comes to the categorization of some items. First Repairs/Maintenance and capital expense, from what I found around on the internet when you are doing a rehab/project all of the expenses from those are capital expenses. So basically anything that involves making the place look nice and a water heater replacement would be a capital expenses not a repair/maintenance category, thanks. 

How would that work with working in a different state? awe don't have state income tax so is the federal the same in every state? This would be something I would bring to the team to see if that would work, I'm down for everything local doesn't matter.

So when doing upgraded or remodeling where would that go? I was told it was a capital expenses. I would have to put it in a maintenance catorgory.

I'm trying to set up my expenses in QB and Expenify and I've been back and fourth on a couple of categories. So far I have 1099, Advertising & Marketing, bank charges & Fees, Capital Expenses (for remodels) Car & Truck, Contractor, depreciation, donations, Employee benefits, insurance, interest paid, inventory assets, job supplies, legal &professional services, loans/points, meals & entertainment, office expenses, Rent & lease, repairs & maintenance, salaries & wages, taxes & licenses travel, utilities. I'm confused about Capital Expenses, my CPA says to just put into Maintenance but when I search online I hear you should keep it in it's own area. Another question I have, is there anything missing or I could add/take away. We are a property management company that manages it's own properties, thank you.

We are a property management company that owns and operates our own property. We are looking for a CPA that knows this field and knows software like QB and Expensify. Our current CPA is kind of too hard to work with is too old school