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

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?

Comments

  • Michael Jones
    Michael Jones Member, Windows Beta Beta
    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
    NotACPA SuperUser, Windows Beta Beta
    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.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • ryanfitzus
    ryanfitzus Member ✭✭
    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
    NotACPA SuperUser, Windows Beta Beta
    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".
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Michael Jones
    Michael Jones Member, Windows Beta Beta
    Here is how I have mine setup, just as a reference.  YMMV



    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
    J_Mike SuperUser ✭✭✭✭✭
    @Michael Jones said;
    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).
    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.

    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

  • Michael Jones
    Michael Jones Member, Windows Beta Beta
    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.  
This discussion has been closed.