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Updated about 8 years ago on . Most recent reply

User Stats

317
Posts
72
Votes
Paul Winka
  • Rental Property Investor
  • St Louis, MO
72
Votes |
317
Posts

QuickBooks: rehab cost journal entries before in service?

Paul Winka
  • Rental Property Investor
  • St Louis, MO
Posted

I asked a similar question earlier today about putting a rental property in service and deducting the costs of the rehab on Schedule E. Okay, looks like I can't deduct the make ready costs and I can tally the improvements made and increase my depreciation basis (at least that is my understanding at this moment). Fine. But how would I enter in any expenses in QuickBooks that are associated with a non-flip rehab for a rental property that has yet to be put into service? Would it be the same 1040 Schedule E tax lines, such as supplies, repairs, mortgage interest, insurance, cleaning and maintenance, but then I would just not claim them at tax time? Would I just eat 100% of these costs with no tax deduction? Am I wasting my time keeping meticulous notes and spreadsheets for tax purposes? I sense I am missing something with rehab costs. 

So yeah, how would I make those QuickBooks entries? 

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