Assigning Rental Property Expenses from personal accounts
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New landlord here. Setup my rental property and now I'm trying to track and categorize expenses from my personal checking (replaced carpet and paid with a personal credit card) under my total expenses for the rental property. Can I not create a category that will be assigned as an expense for my rental property? How do I attribute this cost to my rental property?
Do I have to manually create an expense for every expense I incur with my credit card? I don't want to have an entire separate credit card just for rental expenses.
Do I have to manually create an expense for every expense I incur with my credit card? I don't want to have an entire separate credit card just for rental expenses.
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Best Answer
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From C. D. Bales:
Quicken does not consider the account "Intent" (Personal, Business, Rental Property) when determining whether a transaction is a Rental Property transaction.
A rental property transaction only needs to meet one or the other of these criteria:
1.) Have a Schedule E tax line item assigned (*)
2.) Have no tax line item assigned, but have a rental property tag assigned
[ (*) While Quicken will treat a transaction with a Schedule E tax line item and no property tag as a rental property transaction, reporting will be questionable because Quicken will not know what property the transaction belongs to. So you should always assign a valid property tag to transactions you intend to be rental property transactions.]
[Typically, users assign tax line items to categories in the Category List, and that works for rental property categories as well. But it is not a requirement to do it that way. You can assign tax line items to transactions (right-click the transaction and select "Tax line item assignments".]
Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list6
Answers
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I would suggest creating a category for tracking. I created "Rental Expenses", then any reporting that you customize should include this category for accurate income/expense reporting. You can optionally include Schedule C if you choose to.
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From C. D. Bales:
Quicken does not consider the account "Intent" (Personal, Business, Rental Property) when determining whether a transaction is a Rental Property transaction.
A rental property transaction only needs to meet one or the other of these criteria:
1.) Have a Schedule E tax line item assigned (*)
2.) Have no tax line item assigned, but have a rental property tag assigned
[ (*) While Quicken will treat a transaction with a Schedule E tax line item and no property tag as a rental property transaction, reporting will be questionable because Quicken will not know what property the transaction belongs to. So you should always assign a valid property tag to transactions you intend to be rental property transactions.]
[Typically, users assign tax line items to categories in the Category List, and that works for rental property categories as well. But it is not a requirement to do it that way. You can assign tax line items to transactions (right-click the transaction and select "Tax line item assignments".]
Quicken user since Q1999. Currently using QW2017.
Questions? Check out the Quicken Windows FAQ list6
This discussion has been closed.