How to Track Rental Property Profits and Expenses with Quicken
The Quicken Rental Property Manager version of Quicken includes tools for tracking your rental expense and income. If you’re a rental property owner, Quicken Rental Property Manager can give you a much better handle on the rental income the properties earn and the rental deductions the properties produce. Quicken can produce several different rental property reports, as outlined in this table.
|Schedule E||Displays profit and loss data by property, which is what you
need to complete the Schedule E tax form.
|Cash Flow||Summarizes rental property cash income and cash expenses for a
specified time period.
|Cash Flow Comparison||Compares rental property category totals from two periods.|
|Tax Schedule||Shows all the individual transactions for each rental property
income amount and deduction amount reported on your Schedule E tax
Tracking rental property profits with Quicken
The Rental Property Manager features let you track rental income and rental expenses by properties using those tags you create for each property. This tagging means you can produce reports that show profit by property, as shown in this figure.
This Cash Flow report based on property is really important. You use the segmented profit data to manage your properties — and to report what’s happening with your rental properties on your tax return.
Recording rental expenses with Quicken
All you need to do to record a rental property expense is tag the transaction that you enter with the property’s tag. That’s it. Seriously. Take a peek at this figure.
The last highlighted transaction — written to Joe’s Plumbing for $75 dollars — is a Repairs expense that counts as a rental property expense because the Tag text box shows a rental property tag, Wetmore Duplex.