New Forum about handling Taxes
It would be great if there was another topic about how to handle Taxes. Not necessarily property taxes but just the deductions that can be claimed and how to best organize everything for itemization.
It would be great if there was another topic about how to handle Taxes. Not necessarily property taxes but just the deductions that can be claimed and how to best organize everything for itemization.
SamS,
Your are asking the right questions which shows you want to start out the responsible and professional way.
What you are reffering to is a Chart of Accounts. This chart is normally set up by your CPA or Accountant, to match up your liabilities and assets when doing business.
I use Quicken which my CPA helped set up for me. Then at the end of every month I download my information to him.
Accounting is such a pain in the butt, I do not care to tackle it myself except to plug in the figures and download at he end of the month. You will find that you will be more productive buying and selling houses without the accounting hassels.
Not saying you should not understand the methology of accounting, only let the experts do what they do best, as you will become the best in creative real estate investing.
John $Cash$ Locke
I think we would be able to do that at a later time. Thanks for the suggestion
I am all for a forum on taxes limited to real estate itself -- for example: Schedule E stuff, capital gains, 1031 treatment, depreciation recapture, dealer dispositions, etc.
Your wish is my command. The new forum is under Real Estate Financing and Taxes[ Edited by joel on Date 09/07/2002 ]
Quote:
On 2002-09-07 10:43, joel wrote:
You wish is my command. The new forum is under Real Estate Financing and Taxes
Thanks Joel, I look forward to being a regular contributor.