Stessa - 179 deductions

[Patricia Andriolo-Bull]

Hi. I searched the Stessa forums and couldn't find an appropriate answer so thought I'd try here. I use Stessa for my STR accounting and am pretty happy with it overall for what it is and the value I get. One thing that I find frustrating is categorizing same year capital deductions (e.g. furniture that is able to be deducted in the same year due to 179). My cost basis for my properties are consistently off from my tax returns because Stessa will include everything in the basis even though it shouldn't be. This is true for bonus depreciation items as well. Anyone have a workaround for this? I'd love to have Stessa reflect the actual state of my tax basis.

[Jake Baker]

@Patricia Andriolo-Bull

Stessa is an excellent platform for tracking income and expenses for investors; it is user-friendly. However, its downfall (and really what makes it so easy) is that it is a single-entry system. This means there are no checks and balances to ensure all transactions are entered correctly. A double-entry system (like QuickBooks) allows you to reconcile your bank statements, ensuring no missing or duplicate transactions. I would recommend Stessa so much more if you could reconcile; hopefully, they will! Or maybe they do now since the last time I used it.