How do I remove a tax line item generated by Quicken
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Kenny
Quicken Windows Subscription Member
I checked the category and a tax line item is not associated. I tried editing individual transactions. Even by selecting the blank line will not remove the tax line. It seems that any payment with a property tag is categorized as Schedule E: Unspecified Rental Expense. The issue is that some of the charges are not eligible for an expense.
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Best Answer
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Hi @Kenny,
Yes, when you use a Rental Property Tag that will cause Quicken to show the item on the Schedule E report as an "Unspecified Rental Expense" item. I believe this is an intended result to try and insure that any amounts connected to a rental property (by using a tag) are not overlooked when tax time comes around.
You should note the legend at the bottom of the report - which is as follows:
In addition, if you click on the "Rental Property" link (circled above), it will take you to "Quicken Help" for this topic which is shown below:
Please note the highlighted text at the bottom which indicates if you do not take action the items will NOT be transmitted to a tax prep program.
Let me know if you have any followups.
FrankxQuicken Home, Business & Rental Property - Windows 10-Home Version
- - - - Quicken User since 1984 - - -
- If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you. -1
Answers
-
Hi @Kenny,
Yes, when you use a Rental Property Tag that will cause Quicken to show the item on the Schedule E report as an "Unspecified Rental Expense" item. I believe this is an intended result to try and insure that any amounts connected to a rental property (by using a tag) are not overlooked when tax time comes around.
You should note the legend at the bottom of the report - which is as follows:
In addition, if you click on the "Rental Property" link (circled above), it will take you to "Quicken Help" for this topic which is shown below:
Please note the highlighted text at the bottom which indicates if you do not take action the items will NOT be transmitted to a tax prep program.
Let me know if you have any followups.
FrankxQuicken Home, Business & Rental Property - Windows 10-Home Version
- - - - Quicken User since 1984 - - -
- If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you. -1
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