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?

Definitely! If you have an internet connection, courses on Udemy are available on any device at any time. If you don’t have an internet connection, some instructors also let their students download course lectures. That’s up to the instructor though, so make sure you get on their good side!