For example, if you set up a class for Winston Apartments but want to separately track income and expenses related to a certain type of tenant, such as low-income tenants, you could create two subclasses: “Qualified,” for tenants who qualify as low-income tenants, and “Nonqualified,” for tenants who don’t qualify. You might also want to set up subclasses, which are simply classes used to classify the components of a class, for your real estate investments. Setting Up Subclasses for Real Estate Investments Repeat steps 2 through 5 for each real estate property you’ll track as an investment using Quicken. Quicken adds the new class to the list shown in the Class List window.
Setting Up Classes for Real Estate Investments Repeat steps 2 through 6 for each income or expense category you’ll use. Quicken adds the new category to the list shown in the Category List window.
To track income and expense by individual real estate property, you need to do two things: You can simply use the Rental Property Manager’s wizards to step you through the process. However, an important note: If you have the budget and can use the Quicken Rental Property Manager program (the most expensive version of Quicken), you don’t need to follow the instructions given here. This short discussion, therefore, describes the basics of how you do this in any version of the Quicken software. Moreover, if you set up asset accounts for each of the individual real estate properties you hold and then use these to record both capital improvements and any depreciation, you can easily calculate any gains or losses stemming from the sale of a piece of real estate. You can also easily complete the Schedule E income tax form you use (or make it easier for your tax accountant to prepare your Schedule E tax form).
No matter which version of the software you use, Quicken provides a handy format for tracking real estate investments such as income property.īy using the Quicken software for this recordkeeping, you can prepare summaries of income and expenses by property for monitoring your individual real estate investments.