Rental property to business property

treasur2
treasur2 Member ✭✭
edited December 2022 in Business and Rental Property Tools (Windows)
Q H&B online.

I recently purchased a condo in Hawaii. Yes, it will be rented when not used by me. I originally sent up as a "rental" account. I have since learned that I will be getting tax documentation that will be entered on Schedule C. Thus a "business" property. How do I change the account type?

Best Answer

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Answer ✓
    Change the tax line associated with the properties transactions from Schedule E to Schedule C.
    It's via the tax lines that Q knows what's rental vs. business vs. personal.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP

Answers

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    Answer ✓
    Change the tax line associated with the properties transactions from Schedule E to Schedule C.
    It's via the tax lines that Q knows what's rental vs. business vs. personal.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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