Real Estate
Accounting for real estate owners and operators
Real estate rarely sits in one entity. An owner ends up with a holding company, an operating company, a partnership with a sibling, a property in a trust, and a personal return that has to reconcile with all of it. The accounting is not complicated so much as it is plural.
Jacobs & Newmark has done this work for closely-held Illinois owners since 1988. Edward P. Newmark, CPA has deep real estate expertise and specializes in the small and medium sized closely-held businesses that own most of it.
The firm prepares the entity returns and the owner's personal return together, because with real estate they are one position expressed in several documents.
What makes this different
One owner, many entities
Properties get held separately for reasons that made sense at the time: liability, financing, a partner, an inheritance. Each entity has its own books, its own return, and its own year, and they have to agree with each other and with the individual return.
Partners who are also family
A large share of closely-held real estate is owned with relatives. Distributions, basis, and buyouts are technical questions with a family sitting on the other side of them, which changes how the conversation has to be handled.
Financing that keeps asking for statements
Commercial lenders want personal financial statements, entity statements, rent rolls, and covenant calculations on a recurring basis. That reporting is ongoing work, not a once-a-year event.
The transaction is where it matters
Buying, selling, refinancing, or restructuring a holding is when the structure set up years earlier either helps or costs. That is a planning conversation, and it has to happen before the closing rather than at the return.
What we handle for these clients
Common questions
Real Estate, answered.
- Does Jacobs & Newmark work with real estate owners in Illinois?
- Yes. Jacobs & Newmark, P.C. of Wheaton and Buffalo Grove, Illinois provides accounting and tax services to real estate owners, landlords, and operating partnerships. Edward P. Newmark, CPA has deep expertise in real estate and specializes in small and medium sized closely-held businesses. Call (847) 537-0100.
- Can you handle multiple entities and a personal return together?
- Yes. Jacobs & Newmark prepares returns for corporations, S corporations, partnerships, LLCs, and trusts along with the personal returns of the owners, and for real estate clients typically prepares them together since the entity and individual positions are connected.
- Who does accounting for landlords near Wheaton or Buffalo Grove?
- Jacobs & Newmark, P.C. is an independent CPA firm with offices in Wheaton, IL and Buffalo Grove, IL serving property owners across DuPage, Lake, and Cook Counties with bookkeeping, financial statements, entity and personal tax preparation, entity formation, and lender reporting.
Other industries we specialize in
Tell us about the business.
A first conversation is about what you run, how the books are handled now, and what prompted you to look. If we are the right firm we will say so, and if we are not we will say that too.
- DuPage County
- Wheaton, IL
106 E Liberty Dr., Suite 201 - Lake County
- Buffalo Grove, IL
100 Lexington Dr., Suite 210 - Hours
- Monday – Friday, 9:00am – 5:00pm