Hello agian..
I am looking to see what you are using software wise to keep track of your property. I need to be able to keep track of Income from rent as well as the expenses of utilities, repairs etc.
I would really like to be able to generate reports as well if or when needed for my accountant.
I have used Quicken in the past and heard about Quicken Rental Property but the reviews didnt like the fact you can not put in depreciation, loan amount or amount paid for the property.
Any suggestions??
Thanks
Shawn Morelan
www.RockCreekVacation.com
Best Income and Expense software for me and for tax purpose
Get an accountant to do it all and save yourself the hassle ...much more important things to do with life than accounts when you really don't understand them .....I am taking my own advice tomorrow when I am meeting my new accountant for the first time ( mine is retiring) and 30 years of struggling to do accounts!
Hi Shawn,
Depreciation of the property is peculiar to the US, as is establishing a base cost. In other parts of the world, the base cost and capital improvements are only accounted for when the property is sold and there is a CGT filing to be done. In the meantime, there is no yearly depreciation needed on the property itself. That's probably why not all packages offer it and why lots of people here may not understand what you're talking about!
As I'm sure you know, taxes on vacation rentals vary from State to State in the US, so I suggest that you might want to seek proper professional advice from a local CPA in the first instance, even if you then decide to do all the bookeeping yourself. They will tell you not only what software to use, but also how best to set it up to be in compliance with your State and Federal requirements.
Personally, I do all my own bookeeping (sad, I know....
), using Quickbooks Pro, but I don't do the Depreciation or CGT part of it, which I pass to my CPA. You might want to check that out.
Depreciation of the property is peculiar to the US, as is establishing a base cost. In other parts of the world, the base cost and capital improvements are only accounted for when the property is sold and there is a CGT filing to be done. In the meantime, there is no yearly depreciation needed on the property itself. That's probably why not all packages offer it and why lots of people here may not understand what you're talking about!
As I'm sure you know, taxes on vacation rentals vary from State to State in the US, so I suggest that you might want to seek proper professional advice from a local CPA in the first instance, even if you then decide to do all the bookeeping yourself. They will tell you not only what software to use, but also how best to set it up to be in compliance with your State and Federal requirements.
Personally, I do all my own bookeeping (sad, I know....
), using Quickbooks Pro, but I don't do the Depreciation or CGT part of it, which I pass to my CPA. You might want to check that out.