Rental property tracking and tax planning
QuickMike
Quicken Windows Subscription Member
How is the quality of the Quicken product?
0
Answers
-
For tax planning, my rating would be Weak.
The issue is that Quicken has no built-in system for handling depreciation - and depreciation has a major incremental impact on taxes.
Depreciation is not a "traditional expense" as no cash flow is involved - it is an "allowance" so-to-speak.
I tried to find a suitable work-around yo handle this in Quicken but was never satisfied with the results.
My solution for tax planning was to use the previous years Turbo-Tax and plug in the current years estimates to get a feel for the current years tax liability.
Should note here that Turbo-Tax does handle the depreciation calculations and it carries forward from year-to-year.
As to tracking traditional income/expense items for rental properties, Quicken was excellent. The tax reports were a very reliable source for data input into Turbo-Tax.QWin & QMac (Deluxe) Subscription
Quicken user since 19911
This discussion has been closed.
Categories
- All Categories
- 58 Product Ideas
- 34 Announcements
- 240 Alerts, Online Banking & Known Product Issues
- 19 Product Alerts
- 511 Welcome to the Community!
- 678 Before you Buy
- 1.4K Product Ideas
- 55.3K Quicken Classic for Windows
- 16.7K Quicken Classic for Mac
- 1K Quicken Mobile
- 828 Quicken on the Web
- 123 Quicken LifeHub