Property tax tracking

I was thinking to have the property tax created as a expense in a virtual credit card account. I would be able to see it in the debt reduction. Or what is your suggestion to track it?

Comments

  • Ps56k2
    Ps56k2 SuperUser ✭✭✭✭✭
    Not sure what you want to see.....
    When I pay my local property tax - twice a year -
    I use the Quicken builtin Category - Tax:Property -
    which  also is associated with the Income Tax line item for Sched A
    Quicken Subscription - Windows 10
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Yes, it's not really clear what you're trying to do here or why you're referring to a virtual credit card.

    If you're trying to do a GAAP presentation of property taxes in your financial statements, then I'd suggest creating a liability Account called "Property Taxes Payable" or similar.  At the start of the property tax year, e.g., July 1 in California, each month you'd accrue 1/12th of that year's property taxes in that Account.  Payments, (twice yearly in California), would be charged to that Account.  The balance in the Account would represent either the amount of property taxes owed or prepaid.
  • Rocket J Squirrel
    Rocket J Squirrel SuperUser, Windows Beta ✭✭✭✭✭
    I was thinking to have the property tax created as a expense in a virtual credit card account. I would be able to see it in the debt reduction. Or what is your suggestion to track it?
    Property tax is not a debt you can reduce. You owe it as long as you own the property. You can see its effect in the Lifetime Planner under Living Expenses.
    ps56k said:
    Not sure what you want to see.....
    When I pay my local property tax - twice a year -
    I use the Quicken builtin Category - Tax:Property -
    which  also is associated with the Income Tax line item for Sched A
    Q's built-in categories are faded memories, but the TLI should be "Schedule A:Real estate taxes".
    Quicken user since version 2 for DOS, now using QWin Premier Subscription on Win10 Pro.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    Here's what works for me:
    • I have a Scheduled Reminder set to pay twice a year on x/x/xx and y/y/yy, configured with proper mailing address so I can print a check from Quicken and mail that about 2 weeks prior to due date.
    • I my budget, the tax category is set to budget 1/12th of the total bill every month. Rollover is enabled to add up the monthly budgeted amounts. After having made the 2nd payment, rollover should be 0.00 and start accumulating again for the next year

  • albator159
    albator159 Member ✭✭
    > @ps56k said:
    > Not sure what you want to see.....
    Maybe how everyone handle it?
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