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Creating a new category with "Business," "Tax-Related," and "Schedule E" attributes display problem

tvhtml

If I create a new income or expense category with Usage marked as "Business," Tax Schedule / Form marked as "Schedule E," and Tax Line marked as any attribute, the new category shows up in the Categories list with [no information] listed under the "Tax Form" column. Furthermore, any transaction categorized under this new category won't show up when I go to Report —> Tax —> Schedule E. If I change the category to make "Usage" marked as "Personal," then the problem doesn't occur, however, that doesn't make sense because the category is a business category, not a personal one. I'm using Quicken Classic Business & Personal version 9.0.3 Build 900.60651.100.

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Comments

UKR

Try assigning a proper Schedule E tax line item, e.g., Schedule E: Rents received

tvhtml

I assigned a tax line item, but neglected to mention it above. The problem appears be with the Usage attribute. Thanks.

UKR

Try setting usage to "Rental Property Income" or "Rental Property Expenses" as needed (that's what the categories have in my Q Windows).

tvhtml

In Quicken for Mac, the Usage field can only be "Personal" or "Business."

Quicken Michael

Hi @tvhtml,

When editing a business category, you have the option to set the Tax Schedule/Form and the Tax Line. There can be up to three sections that correspond to the three different business types that a specific business can be set. When you set a business category on a transaction, a business must be specified for that transaction. When the tax report is generated, the business type of the business and the business category of the transaction are used to look up the Tax Schedule/Form and Tax Line from the same section as the business type.

You mentioned that you didn’t see the Schedule E in the categories list under the Tax Form column, even though the category has that information set after editing it. This suggests that you don’t have a business with the Schedule E business type set. To resolve this, you’ll need to edit your business and set the business usage to match the tax lines you’re setting for the category. Once you’ve ensured that all this is correctly set, you should see the items appear in the list.

Please let us know if this information helps or if you have any further questions.

tvhtml

Michael, thank you for your reply. It pointed me in the right direction.

For the sake of others (namely, small time landlords) who might encounter this same problem as a new user of Quicken for Mac, I shall provide the details of how I resolved the issue.

Click on "Business" at the top of the application window to bring up the Business Dashboard
Click on "Manage Businesses" drop down menu located in the upper right corner of the application window
Navigate down to "Add New Business…" and click on it. A dialog box will pop up.
Enter the details of your business and make sure, under "Business Type," you select "Rental Property (Schedule E)."
Click "Done"
As a result of the above steps, any category (configured per the original post), existing or newly created, will show "Schedule E" in the "Tax Form" column.