Should I be using Business Expense or Rental Property Expense categories..??

Andrew Angell

I'm a little confused by the separation of Business Expenses and Rental Property Expenses in Quicken.  The properties are the businesses, so isn't that redundant?

It seems that maybe the "Rental Property Expenses" are what generate my Schedule E, and the "Business Expenses" generate a Schedule C.  Is that correct?

Do I need both, or should I just load everything into the Schedule E?

For example, I had to pay $10.00 for a Certificate of Good Standing.  Neither Business nor Rental Property expenses are giving me a "licenses" type of category by default, so I'm going to have to create it.  But then do I create it under Business or Rental Property?

As it stands now I sort of have a mix of both, so then my Schedule C looks like it doesn't have much on it, and I guess that means my Schedule E is then missing those items.

Should I just put it all under RP / Schedule E and ignore "Business"?

Any information on this would be greatly appreciated.  Thanks!

Frankx

Hi @""Andrew Angell"

If you have both "rental properties" AND a "business" that involves something other than your rental properties (like you sell things or provide services of some type) then you should be using both the "Rental Property" and the "Business" accounts and features of Quicken.  If not, and you have rental properties only, you should be posting all costs and expenses that relate to the rental properties in the Rental Property" tab/categories.  And in this latter case - that income and the related expenses will go to Schedule E.

Let me know if you have any followups.

Frankx

Frankx

Hi @""Andrew Angell"

If you have both "rental properties" AND a "business" that involves something other than your rental properties (like you sell things or provide services of some type) then you should be using both the "Rental Property" and the "Business" accounts and features of Quicken.  If not, and you have rental properties only, you should be posting all costs and expenses that relate to the rental properties in the Rental Property" tab/categories.  And in this latter case - that income and the related expenses will go to Schedule E.

Let me know if you have any followups.

Frankx

Andrew Angell

@Frankx Thanks for the feedback!