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Rental Property Mortgage Payment won't up in Rental Property Tools

ryanfitzus

I have a rental property that I track the mortgage payments on. All of my tenant payments, HOA, other expenses show up properly when tagged. Only payments to my mortgage won't show up as expenses in Rental Property Tools.

Any idea why these transactions only are missed?

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Comments

Michael Jones

Can you be more specific about where you are looking and what you are not seeing you expect to? I just checked mine again and my mortgage payments for my rental show up in all the places I would expect them to (report, tooling, etc.).

Here are a few things top of mind to check:

Are you sure you are using both a tag on ALL parts of your mortgage transactions?
Are all the accounts you are using tagged as rental accounts?
Are all the categories you are using set as tax accounts and tied to the right Schedule E category?

Quicken should show the total payment, but of course, it won't show the equity side of a loan payment in some cases only the interest...

NotACPA

ONLY the interest portion of the mortgage payment is an Expense. The principal portion is a Transfer to the mortgage balance, to reduce it.

You might want to look at a Cash Flow report, which will show both parts of the payment.

AND, for the Interest portion to show, it must have a Rental Property tax line associated with it.

ryanfitzus

Michael, NotACPA - Thanks for the quick answers these were both super helpful. Turns out I didn't have the mortgage account in my rental property section. I understand now that I shouldn't expect the full payment to show up in the profit/loss but can look at the Cash Flow center instead. This makes sense.

Quicken has been tagging rent income as Schedule E: Unspecified or Form 1040: Other Income. Is there a best practice you could recommend for this?

Thanks!

NotACPA

Do Tools, Category List. RIGHT-Click the category that you use for rental income, and then click EDIT.

Click Tax Reporting, and then in the "Tax Line Item ... " dialog select "Schedule E: Rents Received".

Michael Jones

Here is how I have mine setup, just as a reference. YMMV

Image: https://us.v-cdn.net/6031128/uploads/editor/bu/mivlmrrapjgh.jpg

BTW, if you have more than one property, you use the same tax categories but the category parent and tag is what separates them by property (in my case for more properties I duplicate the entire rental group for one property and rename it (i.e. the part I have in blue above is the name of the property).

Quicken is also a little persnickety with rental property names, so I try to make sure I use the same reference for the property name in categories, tags, (i.e. 123 Main or something like that).

J_Mike

@Michael Jones said;

It is not necessary to duplicate the categories for each rental property. One can (should?) use the single basic set of income and expense categories for multiple properties.
One creates a unique Tag for each property and it is the Tag alone that differentiates between properties in reports.

Michael Jones

First, my picture was to show the alignment of tax reporting to categories as NotACPA mentioned.

And no, you don't have to duplicate categories, but I find it easier for myself as on some reports it does a better job for what I want to see when I have a separate set of categories vs just relying on tags.

In many reports tags is a 'dimension' you can sort on, but you can't combine it with others. Whatever works best for you is what you should use. For me it works best this way.