How do I handle Section 8 tenants
If you have a tenant that is covered by the Section 8 Federal Housing Subsidy program, you need to enter the rent income differently than your other tenants. Since the government is paying part of the rent on the property, you have to set up two tenants for the property, one for the actual tenant and one for the government entity.
To add the tenant:
Add two tenants in Quicken - one with the name of the tenant, and the other for the government. Select the same property name for both tenants. On the Rent Details tab, enter the tenant's portion in the Rent amount field for the tenant, and the government's portion in the Rent amount field for the government.
To enter the rent received:
On the Rent Center page, click Add Transactions and then choose Enter rent. Enter two separate transactions for the rent you receive - one for the tenant's portion of rent, and the other for the government's portion.
Mike is a tenant in Iris Avenue, and the rent is $600. Add Mike as a tenant for the Iris property, and in the Rent amount field enter his portion of the rent (for example, $200). You then add a second tenant for Iris property, for example called Section8Mike, select the property as Iris property, and enter the government's portion of the rent (the remaining $400). Each month you enter two payments for Iris property, one from the tenant and the other from Section8Mike.
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