Enter a new trip for your rental property business
About entering tripsWhat if there are trips you make repeatedly? If the mileage is the same, the location is the same, the car is the same, you don't need to enter a new trip every time. Instead, you can enter several similar trips by copying a trip, pasting it into the Vehicle Mileage Tracker, and editing the trip to make any necessary modifications (for example, the date).
- Click the Rental Property tab.
- Click the Add Transactions and choose Mileage Tracker.
- If this is your first trip, simply start entering information. If it isn't your first trip, select an empty record and then enter information.
- Enter the trip start and end dates, or select them from the pop-up calendars provided.
- In the Trip Type list, select the type of trip.
- What happens next?Quicken displays the corresponding mileage rate to the left of the field, or an empty field where you can enter the appropriate mileage for Other trip types. The trip types listed correspond to the following types of miles, most of them tax-deductible:
- Business: Schedule C
- Charity: Schedule A
- Medical: Schedule A
- Rental Property: Schedule E
- Unreimbursed Business: Schedule A
- Other: Use this type for any type of mileage, including miles tracked for personal reasons such as a vacation, or miles reimbursed by your business but not at the IRS rate.
- In the Property Name field, enter the rental property the trip is for.
- How does Quicken use this information?When you add a rental property to Quicken, Quicken can use the name you enter here to display your deduction information by property in the Tax Planner, the Profit & Loss page on the Rental Property tab, and the Tax Schedule and Schedule E reports.
- In the Purpose field, enter the purpose of the trip. (Optional)
- What is a trip purpose?Use this field for any information you want to track, such as the vehicle's driver if you're tracking mileage for several drivers. Quicken remembers this purpose; if you want, you can select it in the list when you enter your next trip.
- In the Start Location field, enter the starting location.
- In the Destination field enter the trip destination. (Optional)
- What if I make this trip on a regular basis?Quicken remembers this destination; if desired, you can select it in the list when you enter your next trip.
- In the Vehicle Used field, enter the vehicle you used. (Optional)
- When is entering this information useful?This field is useful if you have to track mileage for more than one vehicle. Quicken remembers this vehicle; if you want, you can select it in the list when you enter your next trip.
- In the Parking & Toll field, enter the total paid for parking and toll charges, if any. (Optional)
- Tell me moreDon't forget to also enter the money you spent on parking and tolls in the appropriate account.
- Enter odometer readings for the start and end of the trip or a value for total miles traveled. You cannot enter both odometer readings and total miles traveled.
- Click Enter Trip.
Notes
- Whether you can deduct mileage from your taxes sometimes depends on whether the deductible amount has reached a certain percentage of your adjusted gross income. Before deducting mileage costs based on information from the Vehicle Mileage Tracker, check with your tax professional.
- Quicken includes tax-deductible mileage categories in your Quicken Category List. These categories begin with the prefix "_Mileage." They already have the correct tax schedule line items associated with them and are set up for easy import to TurboTax. Don't edit or delete these categories.
This feature requires Quicken Home, Business & Rental Property. Learn how you can upgrade Quicken in minutes.