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How To Setup QuickBooks for a Real Estate Rental LLC
Free Download How To Setup QuickBooks for a Real Estate Rental LLC
Last updated 8/2021
Duration: 2h20m | Video: .MP4, 1280x720 30 fps | Audio: AAC, 48 kHz, 2ch | Size: 1.06 GB
Genre: eLearning | Language: English
Everything you need to know to get started in QuickBooks for your Real Estate Rental LLC
What you'll learn
How does an LLC with a rental property keep its books and records?
How does an LLC taxed as a partnership setup its chart of accounts?
How to allocate the purchase price of real estate between the building and land?
What assets are depreciated for federal tax purposes?
Requirements
Good for beginners. Basic understanding of rental property business and accounting.
Description
Many investors are looking to break into the real estate market to diversify their investment portfolio.
Generating income from rental real estate properties is a great investment opportunity, but you must always choose the property wisely, and structure the investment to maximize asset protection and tax savings for the owners.
Most investors in the U.S. will create a U.S. LLC to purchase the property and conduct their rental business. The LLC is a great entity because it provides asset protection and legitimacy to your business.
In our example, we have three friends that created an LLC to purchase a single-family home and rent the home to a tenant.
They also borrowed funds from a bank to fund a portion of the purchase. We will show you how to setup your QuickBooks file and record all of the essential entries to get your rental real estate business started!
In this course guide, we will cover the following topics
1. LLC tax & accounting principles based on ownership and tax treatment of the LLC
2. Create a chart of accounts for your real estate LLC
3. How to record the initial accounting entries in the QuickBooks file
4. How to record the purchase of the single-family home with a mortgage from the bank
5. How to enter and record income from tenants and the rental expenses
6. How to record cash distributions to the LLC owners at the end of the year
7. What are the closing journal entries at the end of the year
This course is designed to get your QuickBooks file up and running for your real estate LLC. We hope you enjoy!
Who this course is for
Beginners in real estate rental businesses
Homepagehttps://www.udemy.com/course/how-to-setup-quickbooks-for-a-real-estate-rental-llc/
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