Shared expense with a shared property personal/rental
We rent out half of our home. However, several expenses will be shared because they affect the whole property. What is the best way to enter these transactions? I have a couple different ideas but I'm not sure which if any are best within Quicken. I'm running the latest Windows version of Business & Personal.
My Ideas.
- Enter in the rental area the expense and split the entry between expense accounts
- Enter into a non-rental account and split at end of year with journal entry.
Best Answer
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If you have to file Quarterly Estimated taxes, go with option 1.
If not, 2 will work just as well.
Really, a personal preference.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0
Answers
-
If you have to file Quarterly Estimated taxes, go with option 1.
If not, 2 will work just as well.
Really, a personal preference.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
Thanks
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