Add a Rental Property in Quicken Rental Property Manager
Quicken uses the information about your rental property to group together your rental transactions. Quicken can display the income and expense transactions for your rental property. If you want Quicken to display the income, expenses, and tax deductions by rental property, you must add a separate rental property in Quicken for each real-world rental property.
- Click the Rental Property tab.
- Click the Properties & Tenants button and choose Add Property.
- Enter the name, tag, and address for the property you own.
Why is property name important?
The property name is a label for the property. Property name can be what you call your property, or any name that will help you identify that property.
When you enter transactions for the property, Quicken uses the property name in the Rent Center snapshots, the Tax Planner, the Tax Schedule Report, and the Schedule E report.
Example: If you refer to your property at 500 Mayfair Park, as "Mayfair," enter property name as Mayfair.
What's a rental property tag?
In Quicken, a tag associated with a rental property becomes a rental property tag. Similarly, a tag associated with a unit of a property is a unit tag.
Quicken uses tags along with the property name to group the transactions for the specified property in the Rent Center snapshots, the Tax Planner, and reports.
Example: If you refer to your property at 310 Central Park, as "Central Park," enter property name as Central Park and the tag as "Central."
- Select the appropriate option:
- Click Single unit property if this is a single unit property.
- Click Multiunit property if this is a multiunit property. A multiunit property is when you divide your property into units. A unit can be a floor, an apartment, or even a room. For example, in an apartment, you can consider each room as a separate unit. Or, in a duplex property, you can consider each floor as a separate unit.
How do I add units in a multiunit property?
- Enter a unit name or unit number for each unit in the property.
- Click Add more units to add more units. (Optional)
In Quicken, a multiunit property must have at least one unit.
- Optional: Identify whether you want to track the value of the property. Under Track Value of Rental Property, select the appropriate option:
- Click Yes, I want to track the value of this rental property to create a new house account to link with the property. Fill in the approximate value of the property.
- Click Yes, I am tracking the value of this rental property if you are already tracking the value of the property using a house account.
- Click No, I will do this later to decide later. You can always return to the Edit Properties dialog to enter more of your information later.
How does this help me?
Rental property is an asset that contributes to your net worth. If you fill this section when you create a property, Quicken creates a virtual house account with the opening balance equal to the approximate value of the property.
Tell me more about these options
When you create a property in Quicken, you have three options:
- You can create a new house account to associate with the property. Quicken creates a house account with the same name as the property name.
- You can link an existing house account with the property if you have a Quicken house account that is not linked with any property yet. Select an available house account from the list.
- Decide later whether you want to create or link a house account with the property.
In the first two cases, Quicken makes an entry in the house account register with the opening balance equal to the approximate value of the property.
If you want to decide later, you can click Properties on the Rent Center page, choose Show property list, and click Edit to edit the property information.
- In the Property Documents tab, add the documents pertaining to this property. To do this, click on Attach and upload a scanned copy of this document. You can add Notes to enter any extra information about each document.
- Click OK.
- To add a property or unit, you can also click Properties & Tenants, and then click Add property.
- The house account name must be identical to the property name. If you change the property name, Quicken changes the house account name.
- When you add the rental property tag to transactions, Quicken gives you a number of ways to review your rental property data.