keeping track of the basis of a rental

[LuAnn Vigen]

I just purchased my 5th rental and I am in need of some advise on how to set up books and track the basis of this house. I past attempts have not been without problems. What categories do you use? Once the house is rented my book keeping seems fine.

Any ideas?

Thanks, LuAnn

[Dave Toelkes]

I use Quicken for my accounting.  More untuitive than Quickbooks and does everything I need. TurboTax generates my depreciation schedules, and tracks depreciation taken.  

@Erik Sell 

I believe furniture, area rugs, appliances, etc. have a five year class life.  The seven year class life is for anything that does not go anywhere else.  I have never need to use the seven year class life for anything related to my rental property.