Great video, very helpful to see you walk through how to enter it in the system!
@garrettduyck93124 жыл бұрын
Wow this is very good. You answered my question about sellers credits, thank you! Do you have a video for how to deal with depreciation?
@HectorGarciaCPA4 жыл бұрын
Garrett Duyck no videos on depreciation... yet.
@normajurado4695 Жыл бұрын
Thank you so much for the detailed video. It was so helpful.
@HectorGarciaCPA6 ай бұрын
Thanks, happy to help
@landmaster23 Жыл бұрын
Hector do you have a spreadsheet for clients flipping single family home? David from Chicago..cold and rain today
@rashid9554Ай бұрын
City taxes amounting to $328.23 have been prepaid for the period from June 17th to September 30th. This amount should be recorded as a current asset and not recognized as an expense.
@HectorGarciaCPAАй бұрын
@@rashid9554 depends if you are doing the booking the day of the closing of the next year… the next year, you just book as expense
@rashid9554Ай бұрын
@@HectorGarciaCPA okay thanks.
@ThePurehoney2 жыл бұрын
Thank you so much! This was exactly what I needed to help me today :)
@HectorGarciaCPA2 жыл бұрын
Awsome
@user-wr9vl2me3q11 ай бұрын
Awesome breakdown, thank you!
@HectorGarciaCPA6 ай бұрын
Glad to help!
@atlasurology6 ай бұрын
Great video- wow. Clarifies a lot. Question: when determining the land value, if the county appraiser values the land significantly less than the alternative calculated 20% number, would it be best to use the lesser of the two to so that the depreciation is more? TY!
@HectorGarciaCPA6 ай бұрын
Depreciation happens based on purchase value - Land cost. 20% is generic estimated number that accountants use, but you can use any formula you deem fit. At the end of the day the property appraiser is also an estimate
@DJSWIFTNY3 ай бұрын
Great video! Could you confirm that adding title costs and recording fees should go into the property account? It seems like this would inaccurately inflate the value of the property. Any feedback on this is much appreciated. Thanks!
@HectorGarciaCPA3 ай бұрын
All aquisition costs go into the property value
@katielewis980113 күн бұрын
Thank you for the video! This is very helpful! Question, if item 15 (the due from borrow amount) is a credit to the bank account, wouldn't item 2 (earnest money/downpayment) be the same? You have it as a credit to the home asset. I would think that downpayment would increase the asset and decrease the bank account?
@HectorGarciaCPA13 күн бұрын
I dont have the details of this case anymore
@vjsag142118 күн бұрын
Excellent Video. I am trying to account for initial deposit to Title company from personal account using a Journal entry. I am using Wave software, hence trying to use a journal entry for the purpose. I used a personal account as the house management bank account had not been setup when deposit needed to be paid. Do you have any advice on how I can create a journal entry for this?
@HectorGarciaCPA18 күн бұрын
I dont use Wave
@leonardoneumayer20663 жыл бұрын
Thank you so much for your amazing content! I am new to real estate accounting and this has definitely cleared so many confusions for me. But I do have one question. So I intend to purchase a property with private money loan to use it as an airbnb. In regards to the balance sheet should I incorporate all assets and liabilities of the airbnb business with that of the rental property purchase to present to my investor? Or what method would you recommend?
@FrankandJanaeFear Жыл бұрын
Hector, great video and very informative. Question, at the beginning of the video you entered the Deposit as a transaction and then entered it again in the Journal entry. Did that result in the deposit doubling? Also, you mentioned there may be different ways to enter Loan Points. Do you have any more information. Thanks!
@Mamaof5Blessed Жыл бұрын
Thank you so much Hector! This helped me set up my first client as a flipper. My only question is, why did you not put names on the name column?
@HectorGarciaCPA11 ай бұрын
In this case i skipped, but i think it wouldn’t hurt to do it
@kendrkaye Жыл бұрын
Thank you so much for sharing your expertise! I am a ProAdvisor and I always learn something new from your videos. I have a question about recording a closing statement - how should a credit to the buyer be categorized in a journal entry? I have searched high and low all over the internet and cannot find an answer. Any guidance would be so appreciated.
@HectorGarciaCPA Жыл бұрын
Reduction in sales price
@kendrkaye Жыл бұрын
@@HectorGarciaCPA thank you so much for taking the time to reply
@emmylousanpedro85293 ай бұрын
Hi Hector thank you so much for this very detailed video, I only have one question. What if there is a lenders holdback or funds retained by lender, how can this be entered? Thank you.
@HectorGarciaCPA3 ай бұрын
In the balance sheet as an asset
@emmylousanpedro85293 ай бұрын
@@HectorGarciaCPA thank you
@rashid9554Ай бұрын
Origination fee $6665.47 is not correct
@HectorGarciaCPAАй бұрын
Thanks
@keshadiaz8864 жыл бұрын
Do you have the best way to handle the prepaid expenses and when to move them from the BS and PL. Also any special way to handle the rental expenses
@HectorGarciaCPA4 жыл бұрын
Journal Entry
@candicewhitley37502 жыл бұрын
Thank You Hector !! What would you do with the very bottom line if that amount didn't come one of their bank accounts in quickbooks? Would it then go under "owners investment"?
@VideosArtist19902 жыл бұрын
Thank you Hector, for the amazing video, I have a question regarding Huds, Here I have a property purchase Hud, I have not received the cash from the borrower line in Bank so I am a little bit confused about how to enter that amount in Quickbooks journal. Please help me with this. Thank you
@HectorGarciaCPA2 жыл бұрын
You might need some One on one support
@maxzhao35144 жыл бұрын
This is very helpful, thank you! Only one question that I have is, is it wrong to expense the origination cost instead of adding to home value? Are you depreciating this cost fo 27.5 years? I thought IRS allow you to expense the origination cost for tax purposes.
@DT817tx4 жыл бұрын
You would add it to the basis. If they refi and its on the closing costs on the refi then u can amortize the closing costs over over the life of the loan. 27.5 life for the building