![]() ![]() Set up a class for each individual real estate property, and then, whenever you categorize an income or expense item for a particular property, identify the property by providing the class. You should use the same income and expense categories that show on your Schedule E tax form. ![]() Set up the income and expense categories needed to describe this income and expense. To track income and expense by individual real estate property, you need to do two things: You can simply use the Rental Property Manager’s wizards to step you through the process. However, an important note: If you have the budget and can use the Quicken Rental Property Manager program (the most expensive version of Quicken), you don’t need to follow the instructions given here. This short discussion, therefore, describes the basics of how you do this in any version of the Quicken software. Moreover, if you set up asset accounts for each of the individual real estate properties you hold and then use these to record both capital improvements and any depreciation, you can easily calculate any gains or losses stemming from the sale of a piece of real estate. You can also easily complete the Schedule E income tax form you use (or make it easier for your tax accountant to prepare your Schedule E tax form). Nelson Leave a Comment No matter which version of the software you use, Quicken provides a handy format for tracking real estate investments such as income property.īy using the Quicken software for this recordkeeping, you can prepare summaries of income and expenses by property for monitoring your individual real estate investments. ![]()
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