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How to record the purchase of a home in Quicken

f_stopblues

I know that there is a thread created which gives guidance on how to record the purchase of a home, but I am receiving a 'Permission Problem' when I try and access it

https://community.quicken.com/discussion/7667542/accounting-tutorial-for-a-home-purchase-and-sale-in-quicken-with-a-hud-1-form-updated

Also, when I've accessed this post in the past, the images did not load correctly.

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Comments

q_lurker

The "permission problem" is because that post has been archived -- essentially taken out of service. As I looked at it (a superusers privilege), all the graphics seem to be gone anyway, so I am not sure how helpful it would be,

I think this is a redo of the one you cited (found in the FAQ section)
https://community.quicken.com/discussion/7885198/accounting-tutorial-for-a-home-purchase-and-sale-in-quicken-with-a-hud-1-form-updated

Take what you can from it, but do not consider it binding. I believe there are tweaks possible to fit specific users needs and desires.

Tom Young

A Google search that includes "HUD-1" will bring up all kinds of sites purporting to explain line-by-line what costs associated with a home purchase can be capitalized, what costs can be deductible and which costs are not. Here's a couple of them:

https://support.taxslayerpro.com/hc/en-us/articles/360009170634-Closing-Cost-Deduction
https://www.biggerpockets.com/blog/2015-06-07-guide-tax-treatment-closing-costsline-by-line-hud-1

Same caveat as @q_lurker 's and there certainly are differences for tax purposes about how costs are handled between buying a "home" (residence) vs. buying a "house" (rental).

arakei

I just reviewed and tried to follow the updated tutorial for purchase/sale of a home: "Accounting Tutorial for a Home Purchase and Sale in Quicken with a HUD-1 form [Updated]" https://community.quicken.com/discussion/7885198/accounting-tutorial-for-a-home-purchase-and-sale-in-quicken-with-a-hud-1-form-updated

I appreciate the work put in but it did not help me; and I have some comments. In the example used in updated tutorial (since I don't have access to the original version), Out of 15 or 16 figures only 4 are showing - which is very strange. Do you think if you break up the document in two sections that could help with showing all images?

And the the numbers used in the example do not match that of the images. There is no mention of the amount of down payment, except for the $1000 earnest deposit; and all of a sudden for a purchase of $120,000; the loan amount is only $80,000. And there are others

There are mentions of the accounts - but not of categories. And it not clear for all the entries, the number go to which account - as it says it goes to quicken. Would all the numbers in HUD-1 go to one of those 3 accounts?

Thanks.

Quicken_Tyka

Hello @arakei

Thank you for taking the time to visit the Community to post your feedback and your question. The images were initially lost due to an issue with the Community service provider.

We did our best to recreate images to update the FAQ. I was unable to follow the process of the original author outlined to be able to generate new meaningful images to restore the FAQ.

Unfortunately, the original author no longer participates in the Community and we have no other options to restore this FAQ at this time.

I apologize for the inconvenience.

-Quicken Tyka

arakei

Thanks for reply - yes I saw your comment about your attempt before. I would think that someone in support team should be able to figure it out - not necessarily to re-create what was there before. I am sure there are so many experts in Quicken team.

David Brooks

Is this going to be picked up? It would be super helpful

pactaz

FWIW…..As a long time user of Quicken this should be a topic (Setup a new Home Purchase in Quicken) Quicken should have

a) either a complete tutorial (because the community link discussion is garbage) or,

b) a mini program that walks you through the entire process (kinda like TurboTax questions).

Quicken users want to quickly look at the data, check their NW, and make sure they are on-track especially when not only buying a home but trying to pay it off early to save $$$$$. Seems to me this kind of support would be a great improvement to an application that is constantly improving.