Rental Income Schedule E – “Unspecified Rental Expense” a solution
This is a co-mingling of suggestions from several threads in the Quicken Community
Under Categories, look at your 'Rental Income' and 'Rental Expense' Lists to ascertain if….
•the category Type has a house next to the word Expense or Income.
•If the Group is Rental Property Expenses or Income
•If the Tax Line Schedule indicates Schedule E and a Tax line category other than “Unspecified Rental Expense”
If they do you are on the right track for success but need to perform # 1 through #5 below
If your Category list headings ‘Rental Income’ and ‘Rental Expense’ do NOT contain default Quicken categories:
•Click the Options button at the bottom right of the list
•Select ‘Manage Categories’
•Select ‘Rents & Royalties’ in the drop down
•Select the categories you need and add them to your Category List
•Click ok
•A tax line item should be automatically added to each Category
Once this is done, perform # 1 through #5 below
Note: The Quicken Assigned categories all end in (Rental). This is helpful to differentiate a Rental expense from a Business or Personal Expense in a large Quicken file
1 From the Rental Property Page, run the Schedule E – Supplemental Income and Loss report
2 For each individual “Unspecified Rental Expense” transaction on that report, do the following
3 Click on the first transaction so the transaction opens in the bank register
•Highlight the Category
•While the Category is highlighted you should right click
•From the list that appears, select “Tax Line-Item Assignments”
•You will see a Tax Line Assignment box
•At the top of the box choose “Extended List” (the default is Standard List)
•You will see a Tax Line box
•The Tax Line box should say “Schedule E Unspecified Rental Expense”
•Click the arrow to the right and scroll up or down to select the correct Schedule E category
**** You are not done yet until you complete #4 and #5 ****
4 ALSO, each transaction for the Schedule E must have a Tag indicating the Property Name
5 Check your Schedule E to see if it was updated