All Forum Posts by: Steven Hamilton II
Steven Hamilton II has started 25 posts and replied 5110 times.
Post: I need an accountant who understands Cash Flow RE investing
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Originally posted by @Ben Waide:
What did you want to know? We work extensively with cost segregations; however, our next opening is not until the 25th of October due to the 10/15 deadline.
Post: Cpa real estate questions
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Here is my famous post on the topic: https://www.biggerpockets.com/...
Post: CPA Certification and/or accreditation
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Originally posted by @Mike Kratz:
I am not necessarily asking for a specific referral but are there certain certifications or accreditation’s that CPA’s can get that I should look for before deciding?
Based on Real Estate Investing.
Mike,
I have a thread here of questions to ask an accountant: https://www.biggerpockets.com/...
Post: Quickbooks Online Usage Limits - Help need alternative
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Originally posted by @Michael Plaks:
You do not need separate accounts for separate assets. Instead of creating new accounts, assets should use the same accounts but be separated by Classes - which is a feature of the Plus version of QBO, not Advanced. The Plus version also has Locations feature which can be customized as Businesses, allowing you to use one QBO Plus account for all 4 LLCs - if you created 4 separate QBO accounts for 4 LLCs. So basically one Plus version at $70/mo should do the job.
Xero is an excellent software, except for their insane tech support model (that they refuse to reconsider, despite years-long customer complaints): you cannot call and talk to support. You have to leave a message and wait for them to call you back - which is unacceptable for most people I know, including myself. No idea how @Steven Hamilton II deals with it.
I've only ever needed support once. And in 4+ years that was last week when I broke something on an extremely complicated multi-currency situation Unlike the cluster that is QBO. They are cheaper and easier for the client to use. Most of my clients handle their own books and love it because it is easier to use. It also actually has a fixed asset manager... Unlike QBO.
Post: Quickbooks Online Usage Limits - Help need alternative
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Originally posted by @Emily Di:
Thank you @Carl Fischer. I will look into Summit. @Michael Plaks I am over the new limit of 250 Accounts due to depreciable asset accounts. Each unit rehab adds about 10 assets, for which QBO creates a main account, accumulated depreciation account and original price account for. So easily one single unit = 30 accounts. I can fix this by cleaning up those fully depreciated and by just doing broad balance sheet categories in quickbooks (ie - all Land instead of the Land broken out per property). But the entire reason I came to quickbooks was to have more granularity. So that is why I wondered about a software for asset tracking. When I search the web it brings up ones more geared to companies tracking their tech purchases, etc.
I see what you're saying You are making life far more complicated than is necessary. Chances are you are breaking things out far more than needed. I'd recommend that you look at Xero as I mentioned above. If anyone wants a 30 day trial. I'm happy to set them up on it as I'm heavily divested into their partner program.
Post: Quickbooks Online Usage Limits - Help need alternative
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Xero has an add on called Re-Leased. It is a full property management program that integrates and there is no limit to the number of tracking categories. Xero also has a fixed asset manager unlike QBO. I will pick Xero over QB any day.
Post: Depreciation Basis for Condo Bought With Vacant Land 1031
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
I would put a second recommendation on working with someone. A 1031 calculation is not a DIY thing.
Post: KKOS Lawyers and Anderson Business Advisors - Recommendation?
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
I agree that you both definitely need someone qualified, does not have to be a CPA, could be an Enrolled Agent or an attorney. Just make sure they specialize in tax and have significant experience dealing with real estate investors.
Here is a great list of questions to ask a potential accountant:http://www.biggerpockets.com/f...
Also check out the www.NAEA.org or www.NATPTAX.com page in your search. It should help you find someone local. If someone comes to me, I'll send them your way.
If you need help in your search or want to verify something don't hesitate to ask those of us here.
For example: I have clients worldwide and things are just as easy as I e-mail them, talking on the phone. I even use Skype and TeamViewer to communicate with clients so I'd highly recommend looking for one of the best with great references that interviews well with you.
So look for someone you can connect with that works out for your situation.
Feel free to ask here if you have questions
Post: LLC's, QBI, and covering your ASSets!
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Simply put they qualify for QBI . Very rarely will rentals NOT qualify. Anyone who tells you to use the safe harbor is setting you up for failure.
Post: Wholesale illegal in Iilinois!!!
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Originally posted by @Chris Mason:
Suppose that you want to find motivated sellers, get those sellers to sign a contract, and then go find a buyer...
Grats, you want to be a Realtor!
If only there was an existing framework to do that for those that could pass a basic background check and an IQ Test requiring 65 or greater...
This response made me laugh. It was so unexpected