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Updated almost 11 years ago on . Most recent reply presented by

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LuAnn Vigen
  • Investor
  • Vergas, MN
9
Votes |
54
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keeping track of the basis of a rental

LuAnn Vigen
  • Investor
  • Vergas, MN
Posted

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

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1,727
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Dave Toelkes
  • Investor
  • Pawleys Island, SC
837
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Dave Toelkes
  • Investor
  • Pawleys Island, SC
Replied

I use Quicken for my accounting.  More untuitive than Quickbooks and does everything I need. TurboTax generates my depreciation schedules, and tracks depreciation taken.  

@Erik Sell 

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.

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