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Accounting services can be tailored to your needs to include any or all property expenses. We send out monthly financial and year-end statements that clearly review all property activity and indicate tax-deductible items.
Q: How often will I be notified about my finances?
A: You will receive a report every month, normally by the 10th. In addition, you'll receive a report if your property is running a deficit, if a major expense is required or if you are experiencing a vacancy or rent collection problem. You will also receive an annual summary of all revenue and expense along with the required IRS 1099 form. If you have any questions about your accounting, feel free to contact us. To this end it is important that each owner reviews financial reports in a timely fashion.
Q: What expenses will FBS handle for me?
A: It depends what you arrange with us. Our accounting department pays property expenses out of the rent collected. This can include mortgage payments, utility bills, HOA fees, etc. If rent collection is not sufficient to meet expense obligations, an owner contribution will be arranged.
Q: Are your services tax-deductible?
A: Yes. Any consulting fees for tax and financial planning may also be deductible when connected to your real estate. Don't forget, visits to your property and other expenses incurred to stay in contact with our office may be deductible as well. We suggest that you ask your CPA or other tax consultant about tax-deductible strategies.
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