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Quicken Classic for Windows
Business and Rental Property Tools (Windows)
How to categorize a transfer from one rental account to another?
Barb
I have two rental accounts plus my personal. I had someone lend me money to help me in a time when one rental unit was down. How would I put that into the register and also, if I was transfering from one acct to another , how does that work out for income?
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NotACPA
The money lent to you is a Liability. Whether is a personal liability, or a business liability, depends upon how you report the income and expenses for those rental properties. Are they on your Personal tax return ... or do you have a separate business and the Rentals report on that tax return?
Same question re: the transfer of money from one account to another. BUT, in general, a transfer is neither income nor and expense ... unless the rentals are incorporated separately.
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NotACPA
The money lent to you is a Liability. Whether is a personal liability, or a business liability, depends upon how you report the income and expenses for those rental properties. Are they on your Personal tax return ... or do you have a separate business and the Rentals report on that tax return?
Same question re: the transfer of money from one account to another. BUT, in general, a transfer is neither income nor and expense ... unless the rentals are incorporated separately.
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