I have multiple family entities (trusts, LLCs, etc.); should I use tags to set them up?
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HBM
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I have multiple family entities (trusts, LLCs, etc.); should I use tags to set them up?
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Need more info on what you are trying to do. For example, managing an LLC via Quicken can be tricky, but using Quicken to track your investment in the LLC is different. Simlarly, with a trust. What are wanting to do, and why did you ask under the Rental Property Tools section of this site rather than the Investment section.
And what version of Quicken are you running?0 -
And for different entries you should use a separate quicken data files. If it files a separate tax return it should be in its own file. Follow the tax reporting.
I'm staying on Quicken 2013 Premier for Windows.
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thank you both. Each of the entities is an investment vehicle, typically owned by multiple family members or other entities. I am running Premier 2019, Version 5.12.5
I will want to file K-1s for each entity other than the trusts; can I set up multiple data files in a single Quicken account and can I record individual transactions across multiple entities (e.g., capital contributions or distributions)?0 -
It's HIGHLY unlikely that Quicken is a sufficient product for your needs. For 1 thing, Quicken can't create a K-1.You need to look at Quickbooks.Lastly, if Version 5..12.5 is correct, you'd appear to be running QMac ... while you started this thread as QWin.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
Broadly speaking, I understand that. The question is whether you are trying to track or manage those individual entities via Quicken - on behalf of all stakeholders, or are you trying to track your individual interest of each of those entities as a part of your own portfolio and net worth?HBM said:thank you both. Each of the entities is an investment vehicle, ...
That you want to prepare K-1s for each entity suggests that answer is part 1 - tracking those individual entities as a whole via Quicken. As volvogirl indicated, you need separate Quicken data files to even begin to do that. As NotACPA indicated, that is not in the direct realm of Quicken and other software might be more effective (though I am not sure it would be QuickBooks if security investments are involved.) Others have used Quicken to manage those 'other types' of ownership entities, but the program was not written with those in mind.HBM said:I will want to file K-1s for each entity other than the trusts; can I set up multiple data files in a single Quicken account and can I record individual transactions across multiple entities (e.g., capital contributions or distributions)?
You can have one installation of Quicken (bought or registered with Quicken under one name) that works with multiple data files. You would be treating and recording for one entity at a time -- working the trust separate from the LLC, separate from your personal finances.0 -
To simplify this issue - [removed] is for Business: LLC, Partnerships, etc. Rental Properties with multiple owners should be using [removed], Not Quicken. (Actually I would recommend a program/website that is specifically for Rental Properties and importing that information into [removed]).
Quicken Business is for Sole-Props, Rentals with 1 Owner (or Married Partners), etc.
You can utilize Quicken for properties with multiple owners (I do) but it is not easy and can mess with your Schedule E, etc.
The reason for this is [removed] & Quicken use to be owned by the same company. So that the two products did not compete with each other, they attempted to separate the two.
IMHO neither program handles Rental Properties/Property Management well. If you would like more information, feel free to message me.0
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