vince

Depreciation schedules

Useful life of common assets: Appliances, carpeting & furniture: 5 years Office furniture & equipment: 7 years Fences & roads: 15 years Residential rental buildings, structures, furnaces & water pi...

  • Updated 9 months ago by vince
Calculating depreciation for property improvements

Calculate Basis Get your Settlement Statement and Home improvement bills Subtract the following closing items on the settlement statement from the total purchase price: loan origination fee, points...

  • Updated 9 months ago by vince
Get shredded

For Nanjiani, this meant five workouts per week, each lasting a little over an hour. He followed a typical bodybuilding split, focusing on one or two body parts at a time, with Roberts consistently...

IRS depreciation rules

https://www.irs.gov/publications/p946#enUS2018_publink1000107378 How Do You Treat Repairs and Improvements? If you improve depreciable property, you must treat the improvement as separate depreciab...

Certain Foods Can Improve Rheumatoid Arthritis Symptoms

The foods on the list were grouped in eight categories: fruits, cereals, legumes, whole grains, spices, herbs, oils, and miscellaneous. The fruits recommended to help alleviate RA symptoms and dise...

  • Updated 10 months ago by vince
Diet and RA

Living Well with Rheumatoid Arthritis: 7 Tips from People with RA

“Know that you won’t feel that way forever,” John says. “You’ll probably feel a lot better if you can change that inner voice to say ‘Today, this is hard, but that is just today.’” https://www.heal...

  • Updated 10 months ago by vince
Depreciating individual appliances vs adding to cost basis

"If you install a new refrigerator in a rental property, you could choose to depreciate it over five years instead of considering it an improvement and adding it to your cost basis. In many cases, ...

Deducting Improvements vs. Repairs on Your Taxes

“Example of How to Deduct an Improvement You made an improvement worth $5,000 to your property. Therefore, you must deduct it over a set depreciation schedule. We will use a depreciation schedule o...

Quickbooks

Forward root to www on Google Domains

Go to "DNS" > "Synthetic records" Select subdomain forward option in the dropdown menu Enter @ for the subdomain. This represents the naked or root domain. Enter the subdomain URL which is the URL ...

  • Updated 10 months ago by vince
Quickbooks for multiple rentals

set up your chart of accounts to map directly to your IRS forms https://www.youtube.com/watch?v=xwO879TAJuw

wave accounting for multiple rentals

“We have consulted with an accountant that works for Wave, and he recommended creating separate companies for each property, all under the same Wave account. So we have multiple companies like this...

  • Updated 10 months ago by vince
Bank accounts for Rentals

2 accounts, one operating account and one escrow account use account software with a chart of accounts to track each property When you need personal money, write a check from your operating account...

  • Updated 10 months ago by vince
Compute instances

“Google Cloud today announced the launch of its new E2 family of compute instances” https://techcrunch.com/2019/12/11/google-cloud-gets-a-new-family-of-cheaper-general-purpose-compute-instances/

  • Updated 10 months ago by vince
Uploading receipts for purchase of assets

"Choose uncategorized expense when creating the receipt. Then, log in through the website and change the category of the transaction to your asset account on the Transactions page" https://communit...

  • Updated 10 months ago by vince
Journal entry for closing costs when purchasing a property

Closing costs simply increase your basis in the property and are not an expense "Add a home’s purchase price to the closing costs, such as commissions, to determine the home’s total cost. Write “Pr...

  • Updated 10 months ago by vince
Chart of accounts for RE

It's a good idea to follow the same list listed on https://www.irs.gov/forms-pubs/about-form-8825 (for company tax returns) or https://www.irs.gov/pub/irs-pdf/f1040se.pdf (for individual tax retur...

Setting up mortgage payments in accounting software

https://quickbooks.intuit.com/learn-support/en-us/chart-of-accounts/set-up-a-mortgage/00/202617

  • Updated 10 months ago by vince
RE guidance for allowed expenses and bookkeeping from the IRS

“You may not deduct the cost of improvements. A rental property is improved only if the amounts paid are for a betterment or restoration or adaptation to a new or different use. See the Tangible Pr...