Accounting & Bookkeeping for Real Estate Businesses
Rental property bookkeeping, depreciation schedules, 1031 exchange tracking, and real estate tax preparation for Louisiana and California investors.
Real estate is one of the most tax-advantaged investments available — but only if the accounting is done correctly. Depreciation schedules, cost segregation, passive income rules, 1031 exchange documentation, and the distinction between short-term and long-term rental tax treatment are all areas where proper accounting directly affects your tax bill. Getting them wrong isn't just an inconvenience — it can cost you thousands of dollars in missed deductions.
ASU serves real estate agents, property managers, landlords, and real estate investors in Louisiana and California. We handle rental property bookkeeping by property, depreciation schedules and cost segregation coordination, Schedule E preparation, 1031 exchange tracking and documentation, and tax preparation for all real estate entity types including multi-member LLCs and partnerships.
“Every year you correctly depreciate your real estate, you reduce your taxable income. Every year you miss it, that money is gone.
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Real Estate Accounting Services
Property-by-property bookkeeping, depreciation schedules, and real estate tax preparation for Louisiana and California investors.
Rental Property Bookkeeping
- ✓ Income & expense tracking by property
- ✓ Mortgage interest & principal allocation
- ✓ Maintenance & repair classification
- ✓ Property manager fee reconciliation
- ✓ Monthly cash flow by property
Depreciation & Tax Strategy
- ✓ Depreciation schedule maintenance
- ✓ Cost segregation coordination
- ✓ Schedule E preparation
- ✓ 1031 exchange documentation
- ✓ Passive loss tracking & carryforwards
Real Estate Entity Accounting
- ✓ LLC & partnership tax returns (Form 1065)
- ✓ Partner K-1 preparation
- ✓ Property sale gain/loss calculation
- ✓ Short-term rental (Airbnb/VRBO) accounting
- ✓ Real estate agent bookkeeping & tax prep
ASU Guarantee
If we ever make an error on your taxes, we pay ALL penalties and interest.
Real Estate Accounting — Frequently Asked Questions
How does depreciation work for rental properties and why does it matter?
Residential rental properties are depreciated over 27.5 years, commercial properties over 39 years. This means you can deduct a portion of the property's cost every year — reducing your taxable income without spending cash. Missing depreciation entries costs you money you're legally entitled to deduct. ASU maintains complete depreciation schedules for all your properties.
What is cost segregation and can ASU help with it?
Cost segregation is the process of reclassifying building components (flooring, fixtures, landscaping, parking lots, HVAC, etc.) from their default 27.5 or 39-year depreciation life to shorter 5, 7, or 15-year lives. This accelerates your depreciation deductions significantly. ASU works with cost segregation specialists for larger properties where the tax savings justify the study cost.
Does ASU handle 1031 exchange accounting and documentation?
Yes. 1031 exchanges require precise timeline tracking (45-day identification, 180-day closing), proper documentation of identified replacement properties, and Form 8824 filing with the tax return. Getting any of this wrong disqualifies the exchange and triggers capital gains tax. ASU handles the accounting and coordinates with your exchange intermediary.
How does ASU handle accounting for a landlord with multiple rental properties?
We set up QuickBooks with separate income and expense tracking for each property — mortgage interest, property tax, insurance, maintenance, management fees, utilities. You get a monthly P&L for each property so you know exactly which ones are performing and which need attention.
Does ASU handle short-term rental (Airbnb/VRBO) accounting differently from long-term rental?
Yes. Short-term rental treatment differs significantly from long-term rental. If you rent for fewer than 15 days per year, the income may be tax-free. If you average more than 7 days per rental, the property may be treated as an active business rather than passive rental activity, changing how losses can be used. ASU applies the correct treatment for your specific situation.
Can ASU help with real estate agent and broker accounting?
Yes. Real estate agent expenses — home office, vehicle mileage, marketing, MLS fees, E&O insurance, continuing education — are significant and require proper documentation to deduct. ASU handles agent bookkeeping and tax preparation with all applicable deductions.
How do passive activity loss rules affect real estate investors?
Passive activity rules generally limit your ability to use rental losses to offset non-rental income. The rules vary based on your adjusted gross income and level of participation in the rental activity. Real estate professionals (those who materially participate in real estate activities) have different rules. ASU applies the correct passive activity treatment for your situation.
Does ASU prepare tax returns for real estate LLCs and partnerships?
Yes. Form 1065 for multi-member LLCs and partnerships, with Schedule K-1s for all partners. We also prepare the individual returns for partners and coordinate the tax treatment of real estate activity across both the entity return and the individual return.