Rental property tracking and tax planning

How is the quality of the Quicken product?

Answers

  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    For tax planning, my rating would be Weak.

    The issue is that Quicken has no built-in system for handling depreciation - and depreciation has a major incremental impact on taxes.

    Depreciation is not a "traditional expense" as no cash flow is involved - it is an "allowance" so-to-speak.
    I tried to find a suitable work-around yo handle this in Quicken but was never satisfied with the results.

    My solution for tax planning was to use the previous years Turbo-Tax and plug in the current years estimates to get a feel for the current years tax liability.
    Should note here that Turbo-Tax does handle the depreciation calculations and it carries forward from year-to-year.

    As to tracking traditional income/expense items for rental properties, Quicken was excellent.  The tax reports were a very reliable source for data input into Turbo-Tax.
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    Quicken user since 1991