quicken 2017 home and business set up rental property tab

Enter the current market value of your home in the Update Balance window. Choose Account Actions > Update Balance at the top of the account register.ģ. Click the asset account in the Account Bar to open its register.Ģ. Once you determine that amount, here’s what to do in Quicken:ġ. There are a number of different websites that can help you get a quick estimate of how much money your home might be worth. Knowing this value, and knowing how much you owe on your mortgage (see above) sets the stage for monitoring your home equity (see below). Note: If you didn’t create an asset account when you first set up your loan, search Quicken Help for “Link an existing house and mortgage account” to find out how to do so after the fact.Īs time marches on (and it will!) you’ll want to update the value of your home to reflect current market conditions. Enter the date you closed escrow, the original cost of your home (this is your original tax basis), and an estimate of its current value. In this example, the home address is used as the account name.ģ. You’ll update the balance of this account to reflect the current market value of your home. This will create a Quicken asset account that is linked to your mortgage. Here’s what to do:ġ. Click Add linked asset account, then click House. When you’re done setting up your mortgage, Quicken asks if you’d like to create an asset account to go along with the loan.

And you can use the same asset account to record any improvements you make to your home over the years, thereby reducing your tax liability when you sell (more about this in the next section). If you’re tracking a home mortgage (a liability) in Quicken, but not tracking its corresponding home value (an asset) in Quicken, you won’t get a good picture of your true net worth–something that’s pretty important. A home asset account is the Yin to your mortgage Yang.

We recommend that you create a home asset account. Click the Help icon if you have questions. Choose Loan and Debt Options > Add a new loan, and fill in the information about your loan. Finally, knowing how much you owe on your house will help you monitor your home equity.ġ.Ĝlick the Property & Debt tab, and then click the Debt button.Ģ.

Digging a bit deeper into your payments, Quicken can also tell you how much interest you’ve paid on your mortgage over the past year, information which you’ll use when you file your taxes. Why? The most basic reason to track your mortgage in Quicken is so you’ll know how much money you owe on your home. Whether you’re just sticking your toes in the water, or you took the plunge long ago, Quicken has the tools you need to evaluate and track your investment. Owning your own home is one of the great American dreams.

Quicken 2017 home and business set up rental property tab