Refining And Defining Accounting Services for Real Estate Accounting Services

With Accounting Services for Real Estate, complex tax rules are understandable, allowing you to make wise decisions.

Do You Have an Investment Plan in Real Estate ?

Your campany financial health depends on structuring the operations of your real estate investments in the most tax-efficient way possible. You put much effort into your investment; don’t waste it with a poorly thought-out tax strategy, Hire professional accountants for real estate. .

At TheBookify we help our clients get on the right track by guiding them to make sound financial decisions. We can create and implement a strategy for achieving their short- and long-term objectives.

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How will working Bookify would benefit you?

Here are a few advantages of working with Bookify real estate tax accountants.

We estimate your tax responsibilities and look for hidden deductions, so you’re never caught off guard by a tax bill.
We make complicated tax rules understandable so that you may make informed decisions.
Everyone is involved in the real estate industry, from developers to lenders, real estate agents to brokers, and landscapers to builders.

Our Work Process

Our approach to working with real estate investors is as follows:

Meeting to Assess Initial Needs
Review of Documents Previous Year’s Tax Return
Meeting to Begin (Implementation)
Prepare the necessary paperwork for you.
With you, go over the documents.
Submit the documents to the IRS or the state for a semi-annual audit.

WHAT SOFTWARE DO WE USE?

For the data of the firm, we utilise the best software. Xero and Quickbooks are two of the most popular accounting software programmes.

FAQ'S

WHAT IS THE DIFFERENCE BETWEEN A CONSTRUCTION CONTRACTOR AND A REAL ESTATE DEVELOPER?

A real estate developer builds homes for their use. A construction contractor works on property that someone else will eventually use. This distinction is crucial as it has numerous tax ramifications.

WHAT IS THE DIFFERENCE BETWEEN AN INVESTOR AND A DEALER IN REAL ESTATE?

A real estate investor intends to buy and hold real estate.
1.The costs of the sale reduce the proceeds.
2.Real estate sales are treated as capital gains and losses.
3.Having the ability to postpone gaining attention.

A real estate dealer is someone who buys property intending to sell it.
1.Expenses are considered like any other business expense.
2.Gains and losses in the selling of real estate are expected.
3.Unable to postpone gaining notoriety.
4.Sales are an essential aspect of any organisation.

CAN I EXPENSE THE COSTS OF LEASE ACQUISITION?

Commissions, professional fees, tenant incentives for the lessor, and professional expenses for the lessee must be amortised throughout the lease's term.

SHOULD A SECURITY DEPOSIT BE COUNTED AS INCOME (LESSOR) OR EXPENSE (LESSEE)?

The lessee's security deposit is not tax-deductible and is not included in the lessor's revenue; instead, it is maintained as a liability by the lessor. If the security deposit is used up due to non-compliance with the lease conditions, it will be counted as either revenue (lessor) or cost (gross) (lessee).

IS IT BETTER TO BE A REAL ESTATE DEALER OR AN INVESTOR IN REAL ESTATE?

Real estate investors generally get tax benefits that real estate brokers do not. Compared to dealers who are taxed at the higher ordinary income rates, real estate investors who keep a property for more than a year are taxed at the lower capital gains rates.

What our clients say

We are really glad to have The Bookify on our side. Real estate is a bit tricky industry and maintaining the finances on a large scale is really challenging. The Bookify experts overcome each challenge for us. They automated our bookkeeping, prepared and filed taxes for us, and prepared data-driven reports. They are definitely one of the key elements in making our business profitable.

Weise and Damien Ventures

Our construction bookkeeping was a total mess. Our previous bookkeeper didn’t maintain it properly, transactions were missing, and it was also not tax complied. We sincerely thank The Bookify team. They were a savior. Their team went from top to bottom and rearranged the books with accuracy, and now they are our regular bookkeepers.

Simon Templer CEO, Hover Constructions

Only the Best Plans Made for You

Let’s start the journey towards success and enhance revenue for your business. Take your company to the next level with affordable bookkeeping services.