Creating and organizing categories for multiple rental properties

:/ So I'm adding a second rental property in Quicken for 2021. As each property needs their own entries on federal Schedule E, what is the preferred method in Quicken of creating/separating categories to distinguish between the two rentals?
By this I mean should I create a property identifier (address, for example) as a sub-category of both Rents Received and Rental Expenses and then create all the relevant expense subcategories under those?
For example, should categories appear as "Rental Expenses:123 Main:Insurance" or "123 Main:Rental Expenses:Insurance"
I want to make sure I don't end up with a combined mess of reports at tax time! :/

Best Answer

  • jujujuju
    jujujuju Member ✭✭✭
    Accepted Answer
    Use a unique TAG for each property.  One set of expenses.  E.G.: Rental Expenses:Insurance/TAG=123 Main Street

    Then you can have separate reports for each property based on its TAG.

Answers

  • jujujuju
    jujujuju Member ✭✭✭
    Accepted Answer
    Use a unique TAG for each property.  One set of expenses.  E.G.: Rental Expenses:Insurance/TAG=123 Main Street

    Then you can have separate reports for each property based on its TAG.
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