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Tracking Depreciation - Rental Property Manager

It would be a wonderful addition to Rental Property Manager if you could track the cost basis of your property and depreciation. This would be a huge enhancement!
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  • Unknown
    Unknown Member
    edited January 2017
    Good question.  I have bee looking for this function as well.
  • Unknown
    Unknown Member
    edited October 2018
    https://www.quicken.com/how-use-software-rental-property-management

    "Current expenses, such as replacing parts of a leaky faucet, are deducted from rental income in the tax year they occur. Capital costs increase the value of the property or investment in the business. Things such as replacing a roof or upgrading office equipment are depreciated over several years. Rental Property Manager tracks and sorts these expenses and exports the data for use with tax preparation software. In some cases, the software reads Quicken data directly by the tax app, eliminating the need to run summary reports."

    So...it advertises that it tracks depreciation and can export the data into tax preparation software.  Now show us how this is done.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited March 2017

    https://www.quicken.com/how-use-software-rental-property-management

    "Current expenses, such as replacing parts of a leaky faucet, are deducted from rental income in the tax year they occur. Capital costs increase the value of the property or investment in the business. Things such as replacing a roof or upgrading office equipment are depreciated over several years. Rental Property Manager tracks and sorts these expenses and exports the data for use with tax preparation software. In some cases, the software reads Quicken data directly by the tax app, eliminating the need to run summary reports."

    So...it advertises that it tracks depreciation and can export the data into tax preparation software.  Now show us how this is done.

    By recording an expense transaction into the account with a category that has an appropriate tax line associated with it.
    The dollar amount of the depreciation is determined via IRS tables that are available at IRS.gov
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Unknown
    Unknown Member
    edited December 2017

    https://www.quicken.com/how-use-software-rental-property-management

    "Current expenses, such as replacing parts of a leaky faucet, are deducted from rental income in the tax year they occur. Capital costs increase the value of the property or investment in the business. Things such as replacing a roof or upgrading office equipment are depreciated over several years. Rental Property Manager tracks and sorts these expenses and exports the data for use with tax preparation software. In some cases, the software reads Quicken data directly by the tax app, eliminating the need to run summary reports."

    So...it advertises that it tracks depreciation and can export the data into tax preparation software.  Now show us how this is done.

    What is appropriate tax line that is in Quicken?  There is no "Schedule E: Depreciation expense or depletion" line to pick.   You have to make up a category, like "D5 - Depreciation", put he expense in there, then assign it some category like "Schedule E - Unspecified Rental Expense", so it will show up in the tax report, then enter it as a depreciable asset.  Right?
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited March 2017

    https://www.quicken.com/how-use-software-rental-property-management

    "Current expenses, such as replacing parts of a leaky faucet, are deducted from rental income in the tax year they occur. Capital costs increase the value of the property or investment in the business. Things such as replacing a roof or upgrading office equipment are depreciated over several years. Rental Property Manager tracks and sorts these expenses and exports the data for use with tax preparation software. In some cases, the software reads Quicken data directly by the tax app, eliminating the need to run summary reports."

    So...it advertises that it tracks depreciation and can export the data into tax preparation software.  Now show us how this is done.

    I don't have RPM, so I don't know what Tax Lines are available to you.  And, yes, you'll need to create your own category.

    Your suggested method will work.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
This discussion has been closed.