Greetings:
Anybody tracking oil & gas royalties as rental property in QWin Home & Business?
Here's what I've been working out on paper.
Quicken account | Description | use for |
|---|
Property Asset | tax parcel id(s) of the owned mineral tract(s) | depletion allowance property tax |
Rental property | Lease of the right to produce minerals | lease bonus per lease expenses, e.g. legal |
Rental property units | wells, multiple possible per lease | per well expenses, e.g. production costs |
tenant | The oil and gas operator | per well royalties |
Problems:
- Same tenant in multiple units. akin to @musicwyo's multiple storage units to one tenant experience.
- Property identifiers. Many parcels don't have street addresses. Methods to identify them vary by county in the US. See possible suggestion below.
Suggestions, to be submitted as ideas later
- For QWin | Rental Property | Add Rental Property | Property type information | Implement all 8 types of property from IRS Form 1040, Schedule E, box 1b: e.g. vacation, commercial, land, royalties, etc.
- Update Category List | Tax-Related Category | Schedule E | Lines 5-19, particularly 18 "Depreciation expense or depletion"
- Property identifiers. Make the address block a series of at least 5-7 custom fields with default sets. By default, show the existing US common address format. Use the custom ability to have a default set for Canadian postal format in that edition. Let custom sets be created to support Name, County. District, Tax Map, Parcel, State, or other identifier set used by jurisdictions the asset is in.
- If developers are really motivated, make it a core address object, reused throughout the product, using the Universal Postal Union S42 addressing standards. Good internationalization of products helps, e.g. prior multi-currency efforts.
-SimpleFogey
QWin Personal & Business, R68.31
