Brokerage, lending & investing

Books and taxes for real estate syndicators.

A capital call from twelve limited partners, an acquisition fee earned at closing, a preferred return paid out before your own promote, and a refinance that returns capital without a sale. Gus sorts all of it, an accountant checks every transaction, and you get one number a month.

Book a call What we handle
  • From $197 a month
  • An accountant on every transaction
  • Cancel whenever
MayExample month
$26,800
what you made

May brought in a $22,000 acquisition fee on the Ridgeline deal closing. I kept it separate from the investor capital that came in the same week, since only the fee is your income.

  • Investor capital, 12 wiresInvestor capital contributions
  • Acquisition fee, RidgelineSponsor fee income
  • Preferred return payoutInvestor distributions
  • Syndication attorney invoiceLegal and offering costs
  • Property management feeAsset management costs
Money in$68,000
Money out$41,200
Set aside for taxes$5,200
An example month. Yours will have your numbers.

Why your books are different

Syndication books go wrong where investor money meets sponsor income.

A syndicator handles other people's capital alongside their own fees, and the two must never blur together. When a capital call looks like income, or a preferred return looks like a regular expense, neither the sponsor's real earnings nor the investors' capital account balances are right.

  1. 1

    Investor capital contributions get booked as income

    A capital call from limited partners brings in real money, but it is their equity in the deal, not revenue you earned, and if it lands in the same bucket as your fees, your income looks far larger than it is.

    What we doKeeps investor capital contributions in their own line, separate from sponsor fee income, so what the sponsor actually earned is never confused with money raised.
  2. 2

    Acquisition and asset management fees mix with the deal's own cash flow

    Fees the sponsor earns for putting a deal together or managing it are your income, but when they sit in the same account as rent, capital calls, and reserves, it is hard to see what you are actually being paid.

    What we doTracks sponsor fee income as its own category apart from the property's operating cash flow, so your real earnings are visible.
  3. 3

    The waterfall's preferred return gets treated like a flat expense

    A preferred return paid to limited partners before the sponsor takes a promote is part of a structured split laid out in the deal documents, not a routine bill, and booking it the same as a utility payment loses the structure behind it.

    What we doKeeps preferred return and promote distributions in their own lines, tied to the waterfall structure, so the split stays clear as the deal matures.
  4. 4

    A refinance that returns capital looks like a taxable sale

    Refinancing a property to return capital to investors is not a sale, and treating the proceeds like income or a gain overstates what actually happened for both the fund and its investors.

    What we doFlags refinance proceeds as a capital event separate from a sale, so the accountant applies the correct treatment for the fund and its investors.

Your categories

The categories Gus keeps for a syndicator.

Set up once for how investor money and sponsor income move separately. You never pick a category. He does, and an accountant checks it.

Money in

  • Investor capital contributionsMoney raised from limited partners, tracked as equity, not income.
  • Sponsor fee incomeAcquisition, asset management, and disposition fees earned by the sponsor.
  • Refinance proceedsCapital returned to the fund from refinancing, kept apart from a sale.
  • Sale proceedsProceeds from selling the underlying property, tracked separately from a refinance.

Money out

  • Investor distributionsPreferred return and promote payouts, split according to the waterfall.
  • Legal and offering costsAttorney fees for structuring the syndication and its offering documents.
  • Asset management costsProperty management and oversight costs tied to the underlying asset.
  • Fund administrationInvestor reporting software and administrative costs for running the fund.
  • Debt serviceMortgage or loan payments on the underlying property, interest and principal split.

What we watch for you

  • Sponsor fee income

    What the sponsor actually earned in fees, apart from investor capital moving through the fund.

  • Preferred return accrued

    What is owed to limited partners under the waterfall before any promote is paid.

  • Distributions paid to date

    What has actually gone out to investors, against what is owed under the structure.

  • The set-aside

    What the sponsor entity will owe on its own fee income, tracked every month.

Ask Gus

Things syndicators ask Gus.

Text him like you would text anybody. He answers in plain English, and when a question is above his pay grade, an accountant looks and gets back to you.

We raised four hundred thousand in a capital call this month. Does that count as income for the deal?

No. That is investor equity, kept in its own line. Only the acquisition fee you earned on the closing counts as your income.

We refinanced the Ridgeline property and returned some capital to investors. Is that a taxable event?

I flagged it as a refinance, not a sale, since it usually is not a taxable event the same way a sale would be. The accountant confirms how it applies to your fund and its investors.

How many K-1s will this deal need this year?

One for each limited partner in the deal. That is work for the accountant, and it scales with how many investors you have in this particular syndication.

The tax side

The tax side of a syndication.

Most of what matters here is keeping sponsor income separate from investor capital, and the fact that every investor needs their own K-1.

What your return has to get right

Your accountant signs it, so it gets done right the first time.

  • K-1s for every limited partnerEach investor in the syndication needs their own K-1 reflecting their share of income, loss, and distributions. The amount of work scales with how many investors are in the deal.
  • Self-employment tax on sponsor fee incomeFees the sponsor earns for putting together and managing the deal are typically the sponsor's ordinary income, carrying self-employment tax at 15.3 percent up to the Social Security wage base of $184,500.
  • Depreciation passed through to investorsDepreciation on the underlying property passes through to limited partners on their K-1s, which is part of what makes real estate syndications attractive to investors, and it needs to be tracked accurately at the property level.
  • 1031 exchanges at the property levelSelling the underlying property and reinvesting in a similar one can sometimes defer the gain through a 1031 exchange, but it requires a qualified intermediary and gets more complex with multiple investors involved.

Deductions real estate syndicators miss

Your bookkeeper knows what to look for in your statements. You never have to.

  • Syndication attorney and offering costs
  • Fund administration software
  • Investor reporting and communication tools
  • Property management fees
  • Accounting and tax preparation for the fund
  • Due diligence on the underlying property
  • Travel to inspect the property
  • Insurance on the underlying asset
  • Loan origination fees on acquisition financing
  • Filing fees for the syndication entity
  • Marketing costs for raising capital
  • Bank and wire transfer fees

General information about 2026 federal rules, not advice for your business. Your accountant looks at your actual numbers before anything gets filed.

All year, not just April

A syndicator's year, kept every month.

Investor capital moves on its own schedule, distinct from sponsor income. Your team keeps you ahead of both parts of the year. Every month in between, your bookkeeper closes the books and speaks up the moment something looks off.

  1. January

    Plan the year

    Last year's return gets started, K-1s are prepared for every limited partner, and a monthly set-aside is planned for the sponsor entity's own tax bill.

  2. April

    Filed. Done.

    The sponsor entity's return is filed and signed. No surprise bill, because the set-aside has been running since January.

  3. July

    Halfway check

    Where the sponsor entity stands, what it will owe, and whether this year's fee income changed the number.

  4. October

    Before year-end distributions

    Some funds plan a year-end distribution or refinance. Gus looks at what is worth doing before December while there is still time.

What you get

Starts at$197a month

What you pay depends on what your business needs, and it does not move after that, busy season or slow. No hourly bills, no surprise invoices, no setup fee.

Book a call
  • Monthly bookkeeping

    Every transaction sorted into categories set up for real estate syndicators. You never categorize a thing.

  • An accountant checks every transaction

    Real review, every month, before your books close. Not a spot check.

  • Your business tax return, filed

    Prepared, reviewed, and signed by that same accountant every year.

  • The monthly number

    What you made, what you spent, what to set aside for taxes.

  • Your own bookkeeper

    A real person assigned to your business, in the app whenever you need them. No hold music.

  • On your books all year

    Every month, not just in April. Your team speaks up whenever something is worth your attention.

  • Cancel any time

    No contract. No cancellation call. Your books are yours.

Straight answers

Questions syndicators ask first.

Does Gus prepare the K-1s for each of my limited partners?

The accountant prepares each investor's K-1 as part of the entity return the subscription covers. The amount of work scales with how many investors are in a given deal.

How does Gus separate my sponsor fees from the deal's own cash flow?

Acquisition, asset management, and disposition fees are tracked in their own category, apart from rent, capital calls, and reserves the underlying property generates.

We just did a capital call for a new acquisition. Does that show up as income anywhere?

No. It is booked as investor equity in its own line, never as income to the sponsor or the fund.

Our waterfall pays a preferred return before any promote to us. Can Gus keep that straight?

Yes. Preferred return and promote distributions are tracked in their own lines, tied to the structure in your deal documents, so the split stays visible as the deal matures.

We have several deals open at once with different investor groups. Can Gus keep them separate?

Yes. Each syndication is tracked on its own, so sponsor fees, investor capital, and distributions for one deal never blend with another.

Our last deal's books were handled by a spreadsheet and are a mess. Can Gus untangle it?

Yes. Send the bank statements and investor capital records you have. Gus sorts contributions, fees, and distributions by deal, and most sponsors know where they stand within a couple of weeks.

Is a real accountant checking my books?

Yes. You get your own bookkeeper, Gus does the first pass on every transaction, and an accountant checks every one before your month closes. That same accountant prepares, signs, and files your business return. Goatkeeper is not a CPA firm, and we never pretend a person looked when they did not.

What does it cost, and can I cancel?

It starts at $197 a month, depending on what your business needs. No setup fee, no hourly bills, no contract. Cancel any time from the app, and your books go with you.

More in brokerage, lending & investing

We keep books for the business next door too.

What makes a bookkeeper worth paying for Every business we keep books for

Book a call

Pick a time. That's the whole signup.

Fifteen minutes with a real person on our team. They look at where your books are, tell you straight what it takes to get caught up, and get you set up on the spot if it fits.

  • $197 a month to start
  • An accountant on every transaction
  • Cancel whenever