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Posted by Fred Smith on May 9, 2007, 9:04 am
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To me, you have two choices. Either treat it as an expense (like a time share),
or if you think the property will be worth anything, set it up as an investment.
If it's an investment, you're making deposits to an investment account, and
adjusting the account to market value whenever you get the statements.
--
Regards,
Fred
> Hi all;
>
> I am the co-owner of some vacation property. There are five officially
> incorporated owners. Our secretary keeps all the corp. finances in a separate
> accounting package.
>
> My question is... How should I categorize my regular monthly payments to the
> corporate entity? This is not rental property. It is for the exclusive use of
> the owners, family and friends (sort of like a time share).
>
> Should I keep a separate data file for my payments and balance or leave that
> to the secretary? He does send out regular statements.
>
> Any help would be appreciated.
>
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