How do I get answers with Quicken rental property reports


To create rental property reports, you follow the same steps you follow to create any other type of Quicken report.

  • Cash flow and comparison reports
    These reports help you keep track of the cash you receive from rents, late fees, and expenses such as Property Taxes and Repairs.
    • A Cash Flow report shows the income and expenses for each category, broken down by rental property tag. Simply assign a rental property tag to the transactions you enter in Quicken before you run the report.
    • A Cash Flow Comparison report compares cash flow for two different time periods.
  • Schedule E report
    This report shows Schedule E transactions subtotaled by tax line item. You should enter Schedule E information if you rented out property. In these cases, the IRS requires you to complete separate Schedule E forms for each rental property when you file your tax returns.
    Rental property tags make it easy to track the transactions for multiple properties, so be sure to add each rental property you want to track in Quicken.
  • Tax Schedule report
    This report lists transactions from all accounts in the current file with tax-related categories assigned to tax schedule line items. When you want a report that lists the exact figures you need to fill in on your Form 1040 tax form and most schedules (with the qualifications listed below), create a Tax Schedule report. (Click Expand All in the upper-left corner of the report to see the transactions for each tax line item grouped by tax schedule.) If you plan to export tax information to tax software, this is the report to use.


    If you've purchased Quicken Rental Property Manager, this report includes transactions with rental property tags.


    If you've entered rental property transactions that Quicken needs more information about, Quicken displays these transactions in the Unspecified Rental Expense and Unspecified Rental Income sections of the report so you know to resolve the unspecified transactions either in the report (see the note below) or  on the Profit/Loss page on the Rental Property tab (only in Quicken Rental Property Manager). Quicken does not export unspecified values, so you should resolve them before you export your Quicken data to another program.

    After you've assigned categories to line items correctly, you're ready to transfer the data from this report to tax preparation software that uses the tax schedules. Or you can use this report to fill in the exact figures on your Form 1040 tax form and schedules, with these two qualifications: (1) Check the figures against any limits defined by the IRS, such as the maximum deduction allowed for IRA contributions (the Quicken Tax Schedule report gives your personal totals, not the IRS limits); and (2) be sure you've already recorded all relevant transactions in Quicken (Quicken comes with the investment categories _DivInc and _IntInc assigned to Schedule B, and the Tax Schedule report subtotals the amount for each category by investment account, but not by security).


    The initial report excludes tax-deferred accounts (you can customize the report to include them). If you exclude an account for which you defined tax form information, the report still lists transfers made into or out of the account if the account at the other end of the transfer is included.


    Keep in mind that the Tax Schedule report does not include capital gains. To see realized gains or losses, loss carryovers, and long-term capital gains distributions for securities, you can run a Schedule D report if you purchased Quicken Premier, Quicken Home & Business, or Quicken Rental Property Manager. Otherwise, you need to run the Capital Gains report for your Schedule D information, and then transfer the information from the Capital Gains report to your Schedule D form.
    • Rental Property Tags
      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.Give me an exampleIf you refer to your property at 310 Central Park, as 'Central Park', enter property name as 'Central Park' and the tag as 'Central'.
    • Rental Property Transactions
      To be a rental property transaction, a transaction must meet one or more of the following criteria: 1) It includes a category associated with a Schedule E tax line item, 2) It includes the Not Sure Rental Property Expense category, or 3) It includes a rental property tag.

    Notes

    If you have Unspecified Rental Expense or Unspecified Rental Income transactions in a version of Quicken besides Quicken Rental Property edition, you probably need to modify the category or tax line item to resolve the transactions. When you're done, the transactions should not use the Not Sure Rental Expense category, and they should not use a category with the Schedule E:Unspecified Rental Expense or Schedule E:Unspecified Rental Income tax line items.

This feature requires Quicken Rental Property Manager. Learn how you can upgrade Quicken in minutes.

 

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