How To Setup QuickBooks for a Real Estate Rental LLC
How To Setup QuickBooks for a Real Estate Rental LLC, available at $22.99, has an average rating of 4.6, with 17 lectures, based on 28 reviews, and has 130 subscribers.
You will learn about 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? This course is ideal for individuals who are Beginners in real estate rental businesses It is particularly useful for Beginners in real estate rental businesses.
Enroll now: How To Setup QuickBooks for a Real Estate Rental LLC
Summary
Title: How To Setup QuickBooks for a Real Estate Rental LLC
Price: $22.99
Average Rating: 4.6
Number of Lectures: 17
Number of Published Lectures: 17
Number of Curriculum Items: 17
Number of Published Curriculum Objects: 17
Original Price: $22.99
Quality Status: approved
Status: Live
What You Will 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?
Who Should Attend
- Beginners in real estate rental businesses
Target Audiences
- Beginners in real estate rental businesses
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!
Course Curriculum
Chapter 1: Introduction
Lecture 1: Introduction
Chapter 2: Course Materials
Lecture 1: Course Topics
Lecture 2: Rental Real Estate LLC Tax Principles
Lecture 3: Rental Real Estate LLC Accounting
Lecture 4: Chart of Accounts for Real Estate LLC
Lecture 5: Create Chart of Accounts in QuickBooks
Lecture 6: Initial Accounting & Journal Entries for a Real Estate LLC
Lecture 7: Opening the Bank Account and Recording Initial Entries
Lecture 8: Record the Initial Bank Account Transactions Into QuickBooks
Lecture 9: The LLC Purchases Its First Property
Lecture 10: Record the Escrow Payment and Purchase of Real Estate
Lecture 11: Adjusting Journal Entry to Record Value of Land and Building
Lecture 12: Income and Expenses for Real Estate LLC
Lecture 13: Record Income and Expenses into QuickBooks
Lecture 14: Recording Distributions to the LLC Owners
Lecture 15: Record Closing Entries at the End of the Year
Lecture 16: Thank you!!
Instructors
-
Jason Knott
International Tax Advisor – Attorney & CPA
Rating Distribution
- 1 stars: 2 votes
- 2 stars: 0 votes
- 3 stars: 1 votes
- 4 stars: 4 votes
- 5 stars: 21 votes
Frequently Asked Questions
How long do I have access to the course materials?
You can view and review the lecture materials indefinitely, like an on-demand channel.
Can I take my courses with me wherever I go?
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