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This guide explains how to add a rental property in Quicken
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, whether it's a single unit or a multiunit property.
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By adding each real-world property as a separate entity, Quicken enables efficient management of property-related income, expenses, and tax deductions
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.
Steps to Add a Rental Property
- Go to the Rental Property tab.
- Select Properties & Tenants, then choose Add Property.
- Enter the property's name, tag, and address
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- .
Why
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Is the Property Name Important?
The property name
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acts as an identifier that helps you manage properties within Quicken. This name appears in Rent Center snapshots,
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Tax Planner,
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Tax Schedule Report, and the Schedule E report.
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Example
For a property known as 'Mayfair' at 500 Mayfair Park,
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enter the property name as 'Mayfair'.
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Understanding Rental Property Tags
A tag associated with a rental property
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Quicken uses tags along with the property name to group the transactions for the specified property in the Rent Center snapshots, the Tax Planner, and reports.
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helps group transactions specifically for that property in various reports and snapshots.
Example
For a property known as 'Central Park' at 310 Central Park,
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use 'Central Park'
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for the property name
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and 'Central
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'
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for the tag
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.
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Configuring Property Type
- Choose Single unit property
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- if the property consists of a single rental unit
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- .
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- Select Multiunit property
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- if
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- the property includes multiple rental units, such as different floors or apartments.
What is a
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Multiunit Property?
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In Quicken, a multiunit property must have at least one unit.
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- Enter a unit name or unit number for each unit in the property.
- Click Add more units to add more units. (Optional)
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A multiunit property includes several rental units within the same property, such as floors or apartments. Specify at least one unit when designating a property as multiunit.
How to Add Units to a Multiunit Property
- Input a unit name or number for each unit.
- Click Add more units to include additional units, if necessary.
Tracking the Value of Your Property (Optional)
Knowing the value of your rental property is essential for assessing your net worth.
- Under Track Value of Rental Property, select
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- Yes, I want to track the value
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- to create a new house account
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- with the property
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- 's value.
- Use the Zestimate feature to estimate the current value.
- Opt for Yes, I am tracking the value
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- if a house account is already tracking the
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- property's value.
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- Choose No, I will do this later
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- if you prefer to decide later.
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More on House Accounts
You can link a property in Quicken
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to:
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- A new house account
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- named after the property.
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- An existing house account that isn't linked to any property.
- Decide later to add or link a house account
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If you want to decide later, you can click Properties & Tenants on the Rent Center page, choose Show Property List, and click Edit to edit the property information.
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- at any time.
Additional Information
Add documents related to the property under the Property Documents tab:
- Upload documents such as property registration, deeds, pictures, or maps.
- Use Attach Notes to add extra information about each document.
Finalizing the Addition
Click
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OK
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Notes
- To add a property or unit, you can also click Properties & Tenants, and then click Add property.
- The house account name must be identical to the property name. If you change the property name, Quicken changes the house account name
- When you add the rental property tag to transactions, Quicken gives you a number of ways to review your rental property data. See how tags work with rental property for more information.
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to save the property details.
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This feature is not available in Quicken Business & Personal Canada.