How do I Resolve possible tax deductions?


This procedure explains how to resolve unspecified rental transactions from any report where they appear (such as the Tax Schedule or Schedule E reports).

1. Double-click each unspecified transaction in the report.

2. Quicken takes you to the original register transaction so you can resolve it.

  • How do I resolve a transaction?
    The report includes transactions that meet one or more of the following criteria. A transaction is considered resolved when it no longer contains any of the following conditions:
    • The transaction uses a category with a Schedule E tax line item, but it does not include a rental property tag.
    • The transaction has more than one rental property tag.
    • The transaction includes a rental property tag, but the category does not include a tax line item.
      • How do I resolve this?
        You have two options:
        • You can change the category to one that already includes a Schedule E tax line item.
        • You can add a Schedule E tax line item to the category to the transaction.
    • The transaction uses the category named Not Sure Rental Property Expense, or it uses a category with the tax line item Schedule E:Unspecified Rental Expense or Schedule E:Unspecified Rental Income.
      • How do I resolve this?
        You need to assign a category to the transaction that used a valid tax line item.
        • If the transaction uses the Not Sure Rental Expense category, change the category to one that uses the correct Schedule E tax line item.
        • If the transaction uses a category with the Schedule E:Unspecified Rental Expense tax line item or the Schedule E:Unspecified Rental Income tax line item, change the tax line item to one that is valid.

      Notes

      • See your tax professional or another reliable source such as the IRS website for more help determining the correct tax line item.
      • You can see the tax line item associated with Quicken categories in the Tax Line Item column of the Category List (choose Tools menu > Category List).

Notes


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

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