I have 3 LLC's, each owning a rental property. How do i assign a rental property to a specific LLC?

Red Ghost

Not sure how to best use categories and tags to track each property, within each company.

NotACPA

A bit more info needed. Do those LLC's file their own tax return? OR, are they part of your tax return?

Red Ghost

They do file their own returns. Each LLC has it's own general operating expenses (unrelated to a particular property), as well as one or more rental properties reflected on the business tax return form 8825 (basically a sched E for LLC's).

My motivation for using Quicken on this is to simplify tax prep annually.

So, I'm basically wanting to mimic tax returns with my P&L's in Quicken. I want to be able to generate a P&L, by company, with all the general operational expenses, followed by each specific property's activity in a format that looks like a Sched E.

My guess is that I either have to manipulate the use of categories and tags to achieve the goal, OR somehow create reports that separate everything the way I want (although that's probably the same thing… using tags and categories strategically).

Oddly, none of this seems like it should be difficult, but doesn't seem intuitive in Quicken.

Thanks!

volvogirl

If you file separate business tax returns then they each need to be in their own separate Quicken data file and not in your personal data file. Go up to File-New Quicken File.

NotACPA

After you customize the Income and Expense categories in the 1st new file that you create (for any 1 of the LLC's) you can copy that over for the other 2, if you wish.

Red Ghost

I didn't know we could create separate data files without multiple Quicken accounts (like quickbooks).

But… there's a lot of commingling going on… personal expenses from business accounts, using a single credit card for both personal, business and rentals, etc. Splitting charges between different companies.

If I create separate data files, will it allow me to categorize expenses across different data files?

Ps56k2

Quicken is like MS Word - you can create as many Quicken QDF “data files” as you need.