Owning a rental property with another LLC and splitting the income and expenses

If you are going to give them a 1099, you need to give them the money.

If they are paying half the expenses, they need to give you that money.

Then you both record those on your books.

What is the goal of this?

Sounds messy.

I have other properties that are managed in QuickBooks that I own outright. At the end of the year, I need a P&L that shows my half of the profit/loss for this Class and separate ones for my other properties. This property is unique in that I only own half of it so I share income and expenses with another party.

I hope that helps clarify it.

Thanks.

Jim

I'm here to make sure you can get the necessary details for your report, @skibster205.

QuickBooks will report depending on the transactions you enter. The only way to get the information you need for the Profit and Loss of your company is by entering half of the amounts of your money in and out transactions. This way, you can track what goes into your company only. As another option, you may consider exporting the report to Excel. Then, manually divide the profit and loss. From the report page, simply select the Export icon. Then, select Export to Excel.

I've also added some helpful articles that you can use in case you'll need to run and export basic reports. It also includes the list of available reports in your subscription:

• Run reports in QuickBooks Online
• Export your reports to Excel from QuickBooks Online
• Reports included in your QuickBooks Online subscription

Reach out back to me if you have other questions. I'm always here to help. Have a fantastic day!