All Forum Posts by: Nicholas Kitchen

I just purchased my second condo that I will be renting out very soon. At what point in your real estate investment "career" does one start the LLC process? I don't see any difference between what I'm doing now and what I would be doing if I had an LLC. Except for maybe liability? I'm taking deductions like I would be otherwise, as well. Thank you for your responses in advance!

Thanks again for the replies.. still a little lost with the numbers when it comes to inputting them into the Gen Journal...

It shows $139,852.32 as Fixed Asset.... But it should read $139,315.95 right?

Thanks... 

Thank you, Nancy. I did the journal entry (since, that's how this ebook i purchased has it). But I'm not sure which column and account the $7852.32 "credit" leftover goes into. Thank you again. Very much appreciated!

Okay, what I did was in QuickBooks is "Write Checks" for $7852.32 to the Title Company. Then in the General Ledger, I inputted the entire HUD-1 Statement. I have a "Credit" of $7852.32 left over in the Ledger. Which, means I think I entered everything correctly. But now what Account do you suppose I put this under?

Thank you!

Nick

So, I should be using 1 General Journal Entry for this HUD instead of using Splits on the $7852.32 check? Sorry for my ignorance, and thank you for your patience!

Thank you, Nancy.... it's becoming a bit clearer now. But as far as inputing into QuickBooks, I did "Write Checks" for $7852.32.. Now, since I am doing splits, I'm not certain how I input that in.

Well on Jan 30, 2015, I had to bring a check for $7,852.32 to closing. I am just trying to figure out what the heck I paid for. The only thing I can account for is the $6,931.17. 

Well this is very confusing to me lol... So I probably put everything in QB wrong then. I still don't see where the difference of $921.15 goes. Any idea?

Well, line 103 is all accounted for, I suppose that part is correct. I just did "Write Checks" and did splits for everything.

So is $139,315.95 my new basis on the property then?

Thank you!

Thank you for your responses... I have accounted for all those.. It's hidden somewhere, and I just can't find it... here is a screenshot. Line 103 is $6.931.17 ... I have accounted for all that. 

Line 303: $7,852.32

Line 103: $6,931.17

The difference: $921.15

Where in the world is this $921.15? I see line 108, 109 and 211... but it doesn't add up.

Thank you...

Hello! Thank you in advance for your help. I am trying to import my 2 rental properties into QB and I am stuck at the HUD-1 Statement for one of the condo's. I have spent numerous hours trying to figure it out. I thought I was on the right track with the Journal entries, but I guess not.

I wrote a check at closing for $7852.32, and for some reason I have a left over amount of $355.74 and cannot figure out where it goes. If somebody wouldn't mind taking a look over the files and helping me out, it would be greatly appreciated! I made an Expense Account for "9999 - Leftover" to make it easier.

I have Quickbooks 2015 for OSX. I'm not sure if I have to convert it for Windows, or if you can do that... Thanks again!!

Nick

Mac QB 2015 .dmg File

HUD-1 Statement