Community Discussion: Property vs. Business Tags affect Tax Planner Data

From: John Pollard (8plus7...)

Property vs. Business Tags affect Tax Planner Data

Found at: https://community.quicken.com/discussion/7898590/property-vs-business-tags-affect-tax-planner-data

[I am currently unable to use the Quicken Tax Planner]

Even without looking at the Tax Planner, I can correct a couple of the original poster's mistaken impressions.

First: it is definitely possible to assign Tags to Invoice line items. It can be done as the user enters an item in the invoice by appending a forward slash at the end of the Category name, then appending the desired Tag name to the forward slash. And for the op's situation, that Tag can be - and should be - a Property Tag. A Tag can also be assigned to invoice items in the Invoice Item List (found at Business > Invoices and Estimates > View all Invoice Items - a Category can also be assigned to an invoice item in that list). Assigning a Tag to an invoice item in the Invoice Item List, will cause that Tag to be automatically assigned whenever that item in included in an invoice - no necessity to append the forward slash and the tag name when entering the item in the invoice.

[When Tags are to be assigned to individual invoice line items, the single invoice field for "Business Tag" should be left blank.]

Property Tags are created by Adding a Property in the Rent Center (Properties and Tenants > Add Property on the Rental Property tab). It seems that the op has already created property tags.

Second: the op does not seem to realize that a given Schedule E report can only be for a single property. You can not lump all rental properties into a single Schedule E report. It is the Property Tags, assigned to rental property transactions, that allow Quicken to prepare one Schedule E report for each property.

Third: I may not be able to address the Tax Planner issue directly, but I do note that the Tax Schedule report and the Schedule E report will both indicate a problem when there is no Property tag assigned to any Schedule E transactions.

In those Tax reports, the transactions without Property tags get lumped into either "Unspecified Rental Income" or "Unspecified Rental Expense", depending on whether the Category is an income or an expense category. This may help explain why the Tax Planner does not try to deal with Schedule E transactions that have no Property tag.

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