For the BP crowd using Turbo Tax and QuickBooks, how do you keep track of real estate depreciation for investment properties? Do you enter it manually or let TT do it? Or other?
If you know what the depreciation method :
Entering it using TT just make sure you have a running excel sheet to track the deductions. And then ofcourse you have to enter it in QuickBooks as well.
TT should match QB. Put it into QB to make sure that your balance sheet is correct. This is more important if you are filing a business entity that may require a balance sheet in the future.
Greatly appreciate the responses!
@GitaFaust Do you use the same useful lives for accounting purposes, as well as tax purposes? Also, in the spreadsheet, do you generally see or recommend having groups of property by life for the year placed in service, for example 27.5 year row for the residence in year 1, 5 year row for a dishwasher and fridge in year 1, and 15 year row for landscaping? One you keep all of those "asset" classes on one tab per property in an Excel workbook containing all properties for an LLC or would you do separate workbooks for each property?
Also meant to ask if you use Fixed Asset Manager and if greatly simplifies the tracking?
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