You should use the same income and expense categories that show on your Schedule E tax form. No matter which version of the software you use, Quicken provides a handy format for tracking real estate investments such as income property.. (Note that if you have only a single real estate investment and you know for certain that you’ll never add another real estate investment to your portfolio, you don’t need to set up classes.. Step 1 Find the dollar amount of the sales tax by subtracting the pretax price from the post-tax price.. However, an important note: If you have the budget and can use the Quicken Rental Property Manager program (the most expensive version of Quicken), you don’t need to follow the instructions given here.. However, if Quicken doesn’t already have the categories you need, you easily add them. You can simply use the Rental Property Manager’s wizards to step you through the process.. This short discussion, therefore, describes the basics of how you do this in any version of the Quicken software.. Describing Your Real Estate Holdings To track income and expense by individual real estate property, you need to do two things: • Set up the income and expense categories needed to describe this income and expense. Ragnarok For Mac ![]()
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Moreover, if you set up asset accounts for each of the individual real estate properties you hold and then use these to record both capital improvements and any depreciation, you can easily calculate any gains or losses stemming from the sale of a piece of real estate.. By using the Quicken software for this recordkeeping, you can prepare summaries of income and expenses by property for monitoring your individual real estate investments.. ) Both tasks are described in the paragraphs that follow Setting Up Categories for Real Estate Investments Depending on what you told Quicken when you installed it, Quicken may already have the categories you need on its category list.. • Use the Category Name text box to provide a brief name for income or deduction item.. If you have the total purchase price and the price without tax, you can use a sales tax equation to figure out the sales tax and the sales tax rate.. To set up categories for tracking the income and deductions related to your real estate investments, start Quicken and follow these steps: • Choose the Lists → Category List command to display the Category List window.. • Set up a class for each individual real estate property, and then, whenever you categorize an income or expense item for a particular property, identify the property by providing the class.. • Click the Add Category command button to display the Set Up Category dialog box. ae05505a44
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