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do I really need Quicken Rental Property Manager?

I am currently using Quicken 2010 Home & Business.

I recently relocated form Chicago to Italy on an indefinite stay (probably a few years). Consequently, I am renting out my home in the states.

My understanding is that come tax time, I will have to file a Schedule E with my return. Hence, it will be critical that all expenses and income associated with renting out my home be accurately stored somewhere so that TurboTax (which I use to do my taxes) will be able to calculate that Schedule accurately.

I am frustrated with Quicken 2010 Home & Business, because it seems to come with no Schedule E category types are built in (e.g. landlord expense and rental income being the two that I know I need). Is it easy to add those 2 categories into Quicken? How do I find out exactly what tax line items to use? Will TurboTax be able to auto- import them correctly if I enter my own category?

I noticed that Intuit also offers a Quicken Rental Property Manager program. I am not a real estate professional, so I normally would not think that I would need that program. But did Intuit deliberately cripple Quicken to not support Schedule E categories to force me into buying Quicken Rental Property Manager?

Thanks for any suggestions that you may have.

Reply to
Barbara Tuchman
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JM wrote in news:c0e87fa8-81a0-4f34-b208- snipped-for-privacy@v17g2000vbo.googlegroups.com:

I only ever used Quicken Basic, until basic became hard to find, so now I use Deluxe with no problem. All you need do is to get a copy of sked e and create categories to match the lines on the sked. I use a single top category for expenses (Rnt) and use subcategories for the lines, Quicken Deluxe has all the Sked E tax line entries for import into TurboTax. Create a tag for each rental and tag every transaction.

The only thing missing in Quicken Deluxe is a depreciation module, but TurboTax Deluxe provides such excellent asset tracking that I've never found a need for it. I do create four asset accounts per property in Quicken. One for the land (non-depreciable) one for the improvements (house etc) and one for personal property (appliances that are 5 year). If you have landscape improvements (15 year) you could create an account for that too. I create one more account that I use to record any difference between the "book" value of the property and the current market value (I enter something once a year based on tax assessments). Using the TurboTax asset life history, I set up quarterly depreciation expense transactions in each of the three main accounts. This is just for my use in creating income and cash flow reports. TTax handles the actual depreciation for sked E.

Depending on your situation, a Sked E loss may result in a passive loss carryover and TTax keeps track of that for you.

I've been doing it in Quicken since about 1985.

scott s. .

Reply to
scott s.

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