How do I record/track a capital improvement for one of my five personal rental properties?


S

SteveH

I've got Quicken 2005 H&B on XP tracking my five personal rental
properties and they're loans, however I want it to track capital
improvement projects like a new cement driveway, replacement copper
piping, etc. I assume in tax-speak these improvements will be 5 yr,
10 yr, or 15 yr properties following a MACRS schedule, allowing me to
deduct depreceiation?/cost recovery for the years I own the rentals,
then I'll add the cost of the improvement to my rental's basis when I
sell it. I want Quicken to track the numbers. If I know that I paid
$15,000 for a new cement driveway for rental#A in June 2003 how do I
set that up in Quicken? Can it calculate the cost recovery? What else
should I setup Quicken to track? Pls KISS.
Thx
Steve
 
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