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Premier vs. Home and Business - for tracking Rental Property LLC

sdhaber
sdhaber Member
edited 8:55AM in Before you Buy
I'm currently using Quicken Premier, but my Rental Property LLC expenses are making a hash out of my personal expenses and budget.  Is there a way to better categorize business expenses in Premier, or do I need to switch to the Home and Business version?

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    1st question: Does the LLC file it's own tax return, or is it included on your IRS 1040 Schedule E.
    IF it files it's own return, the LLC should have it's own Q data file.  A Q data file should contain ALL of the info for a single tax entity, and ONLY that tax entity.
    IF on your Sched E, you'll need to explain further how it's "making a hash".
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • sdhaber
    sdhaber Member
    Thanks for the reply!
    LLCs are included as schedules on my 1040.
    When I say "making a hash" I mean to say that it makes it very difficult to analyze my personal budget.  My personal (household) income/expenses are all mixed in with the LLC's and I'm at a loss as to how to tease them out.


  • UKR
    UKR SuperUser ✭✭✭✭✭
    What categories do you use for recording your Schedule E rental income and expenses?
    Are these categories correctly associated with Category Groups of Rental Income, Rental Expenses?
    And are these categories correctly defined as tax-related with tax line items of Schedule E?
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