How to Track Home Improvement & Business Office Renovation Expenses in Quicken
Last year I a had a couple of home improvement projects along with a business office improvement project. I kept up with expenses in Excel because I didn't know how to show these expenses in Quicken. Now I wonder if it's as simple as creating a couple of Categories like "Home Improvement Expense" and "Home Office Renovation Expense." Or is there a benefit to creating transaction accounts with those names to track charges and payments?
I just found out about this Community Discussion Resource. I appreciate any ideas or experience anyone has with this sort of thing.
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For personal home improvement projects, I have set up a "Home Improvements" expense Category that I use to track expenses that may add to the house's cost basis when I sell the house. I add a note in the Memo field to describe what it was for.
You might want to track business related improvements differently.
As always, consult a tax advisor.
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Excellent. Thanks, Jim. You brought up something about "the house's cost basis" for when you sell the house. Is there something I should have set up in Quicken about my house's "cost basis"?
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Quicken does not do a complete job of tracking the tax implications of owning a home, but you can set up an asset account for the house and link it to your mortgage.
There is probably some way to link the cost of improvements to the house's cost basis, but I have not set that up.
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I'll take a look at that. Thank you, Jim.
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when I do Capital Improvements that would go back to the cost of the house, I use the house category and it adds the the house value.
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