Rental Joint Tenancy

[geekgirldany]

I have a customer that is in "partnership" with another person on several rental properties. They do not have to do a partnership return because they are listed as joint tenancy/owners on the properties. The other partner is going to another accountant for his personal returns. At the same time though they are having me do the bookkeeping for the rentals. Dividing up everything 50/50.

What should I provide the other "partner" not coming to me? I thought a Schedule E and depreciation worksheets for his accountant. They are going to pay me for the work on the rentals they have together. I am also getting a release from the person coming to me about releasing information to the other owner regarding the properties.

Thank you for any help

[S T]

In the past

Dany,

I had one like this several years ago. My tax client kept all of the rental records and provided to me, so no bookkeeping. I in turn provided each of the joint tenants with a Schedule E, Depreciation Schedule and any other appropriate schedules (such as Schedule B for interest or Schedule D if there was a disposition) for their % interest, so they could incoporate onto their own personal 1040 return.

I billed accordingly for this and was paid from the joint tenancy rental account.

Sandy

[geekgirldany]

Thanks so much Sandy. I really do appreciate your input. Just wanted to make sure what I am doing is correct. This partnership stuff can get complicated dealing with two different individuals. I said I did their bookkeeping. One had entered the info in QBs and then I setup the file for rentals, reviewed, and made changes. They said they will be wanting me to do the entering of transactions in the future though.

[newbie]

What do you charge for QuickBooks entry? Do you enter the transactions from receipts, from a monthly checking statement or other source?