Shared expense with a shared property personal/rental

rikinn55
rikinn55 Quicken Windows Subscription Unconfirmed, Member ✭✭
edited May 2024 in New to Quicken/Getting Started (Windows)

We rent out half of our home. However, several expenses will be shared because they affect the whole property. What is the best way to enter these transactions? I have a couple different ideas but I'm not sure which if any are best within Quicken. I'm running the latest Windows version of Business & Personal.

My Ideas.

  1. Enter in the rental area the expense and split the entry between expense accounts
  2. Enter into a non-rental account and split at end of year with journal entry.
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Best Answer

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓

    If you have to file Quarterly Estimated taxes, go with option 1.

    If not, 2 will work just as well.

    Really, a personal preference.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

Answers

  • NotACPA
    NotACPA Quicken Windows Subscription SuperUser ✭✭✭✭✭
    Answer ✓

    If you have to file Quarterly Estimated taxes, go with option 1.

    If not, 2 will work just as well.

    Really, a personal preference.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • rikinn55
    rikinn55 Quicken Windows Subscription Unconfirmed, Member ✭✭

    Thanks

This discussion has been closed.

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