Assigning Rental Property Expenses from personal accounts

Apollyonzorz

New landlord here.  Setup my rental property and now I'm trying to track and categorize expenses from my personal checking (replaced carpet and paid with a personal credit card) under my total expenses for the rental property.  Can I not create a category that will be assigned as an expense for my rental property?  How do I attribute this cost to my rental property?

Do I have to manually create an expense for every expense I incur with my credit card?  I don't want to have an entire separate credit card just for rental expenses.

mshiggins

From C. D. Bales:
Quicken does not consider the account "Intent" (Personal, Business, Rental Property) when determining whether a transaction is a Rental Property transaction.

A rental property transaction only needs to meet one or the other of these criteria:
1.) Have a Schedule E tax line item assigned (*)
2.) Have no tax line item assigned, but have a rental property tag assigned

[ (*) While Quicken will treat a transaction with a Schedule E tax line item and no property tag as a rental property transaction, reporting will be questionable because Quicken will not know what property the transaction belongs to. So you should always assign a valid property tag to transactions you intend to be rental property transactions.]

[Typically, users assign tax line items to categories in the Category List, and that works for rental property categories as well. But it is not a requirement to do it that way. You can assign tax line items to transactions (right-click the transaction and select "Tax line item assignments".]

GeoffG

I would suggest creating a category for tracking. I created "Rental Expenses", then any reporting that you customize should include this category for accurate income/expense reporting. You can optionally include Schedule C if you choose to.

mshiggins

From C. D. Bales:
Quicken does not consider the account "Intent" (Personal, Business, Rental Property) when determining whether a transaction is a Rental Property transaction.

A rental property transaction only needs to meet one or the other of these criteria:
1.) Have a Schedule E tax line item assigned (*)
2.) Have no tax line item assigned, but have a rental property tag assigned

[ (*) While Quicken will treat a transaction with a Schedule E tax line item and no property tag as a rental property transaction, reporting will be questionable because Quicken will not know what property the transaction belongs to. So you should always assign a valid property tag to transactions you intend to be rental property transactions.]

[Typically, users assign tax line items to categories in the Category List, and that works for rental property categories as well. But it is not a requirement to do it that way. You can assign tax line items to transactions (right-click the transaction and select "Tax line item assignments".]