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Updated almost 11 years ago on .
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keeping track of the basis of a rental
I just purchased my 5th rental and I am in need of some advise on how to set up books and track the basis of this house. I past attempts have not been without problems. What categories do you use? Once the house is rented my book keeping seems fine.
Any ideas?
Thanks, LuAnn
Most Popular Reply

I use Quicken for my accounting. More untuitive than Quickbooks and does everything I need. TurboTax generates my depreciation schedules, and tracks depreciation taken.
I believe furniture, area rugs, appliances, etc. have a five year class life. The seven year class life is for anything that does not go anywhere else. I have never need to use the seven year class life for anything related to my rental property.