Honestly, these talks and analysis serves best on theory and a little bit affected on the practicals, that's why we have management/service providers in the real estate market. You literally can't do it alone.
HI! Thanks for watching! For flips...you would not record depreciation. You plan to sell quickly...therefore you will wait until you sell and then deduct all your expenses at once. For Rentals, you would have a sub-category within the "Properties" (Fixed Assets") Account to track depreciation: "Accumulated Depreciation". At year's end, you will get your depreciation from your tax return. Record a journal entry on 12/31/XX (Tax year). Credit the Accumulated Depreciation account and Debit "Depreciation Expense" account. We go over this in great detail in our end to end course...Real estate Accounting Bootcamp: www.incomedigs.com/reab ($50 off w/ code TH-cam50)
Hi there, I have issues with selecting the classes on the balance sheet in QBO. I am working on a business with rentals, flips, and lending. I have used location tracking to separate these businesses. I have further created classes for each property for both rentals/flips plus a lending class for lending business and general for general expenses. Every time I send one item to the class, it shows as unspecified for the company and the general class for general expenses. Now, I need a solution for this. Can you help me out?
@@sharifhussain4380 Hi! Yes...this happens with Class...super annoying, but there is a reason. Check out this video where I explain: th-cam.com/video/B5GBveveMqc/w-d-xo.html
What is the most effective strategy for entering crypto trading if you have around $5,000 to invest, or even if your investment amount is slightly more or less?
Honestly, these talks and analysis serves best on theory and a little bit affected on the practicals, that's why we have management/service providers in the real estate market. You literally can't do it alone.
I completely agree! The vast majority of my videos are tangible/ practical how-to's. Let me know if there is anything specific you want to see!
How do you record depreciation for flips and rentals?
HI! Thanks for watching! For flips...you would not record depreciation. You plan to sell quickly...therefore you will wait until you sell and then deduct all your expenses at once.
For Rentals, you would have a sub-category within the "Properties" (Fixed Assets") Account to track depreciation: "Accumulated Depreciation".
At year's end, you will get your depreciation from your tax return. Record a journal entry on 12/31/XX (Tax year). Credit the Accumulated Depreciation account and Debit "Depreciation Expense" account.
We go over this in great detail in our end to end course...Real estate Accounting Bootcamp: www.incomedigs.com/reab ($50 off w/ code TH-cam50)
Hi there,
I have issues with selecting the classes on the balance sheet in QBO. I am working on a business with rentals, flips, and lending. I have used location tracking to separate these businesses. I have further created classes for each property for both rentals/flips plus a lending class for lending business and general for general expenses. Every time I send one item to the class, it shows as unspecified for the company and the general class for general expenses.
Now, I need a solution for this. Can you help me out?
@Income Digs, Can you guide me about this?
@@sharifhussain4380 Hi! Yes...this happens with Class...super annoying, but there is a reason. Check out this video where I explain: th-cam.com/video/B5GBveveMqc/w-d-xo.html
@@Incomedigs Thank you for the reply.
What is the most effective strategy for entering crypto trading if you have around $5,000 to invest, or even if your investment amount is slightly more or less?
As a beginner, it's essential for you to have a mentor to keep you accountable.
I'm guided by a widely known crypto consultant
Mrs Donna Patricia Hester.
This is correct, Donna's strategy has normalized winning trades for me also and it’s a huge milestone for me looking back to how it all started.
Donna is considered a key Crypto Strategist with one of the best copy Trading Portfolios and also very active in the cryptocurrency space.
Yes, I agree with you. Her platform is wonderful, and her strategies are exceptional