| Pete | email | Mar 2 2015, 10:27 PM |
| Does this track depreciation of various items such as furniture, appliances, capital improvements, etc? This is very important for landlord tax calculations. Thanks, Pete | |
| Stephane Grenier | email | Mar 3 2015, 09:25 PM |
|
Hi Pete, No this is not possible within the software. For those kinds of calculations you either need to use the one solution which is a personal finance software with some property management added on, and even then it's very limited. As well we do recommend reading at least their last 3-5 years of user reviews on Amazon. Other than this solution, you're going to be looking at solutions costing at least 5-20x the price of our Desktop Edition, most likely on a per year basis rather than per version as well, for this kind of functionality. The main issue is how do you determine if something is a repair or a capital appreciation? As well what depreciation values can you use because sometimes you need to interpret the rules. Different accountants can have different results, nevermind different software solutions. And of course because you're linked to tax laws, you will generally be required to pay subscriptions fees. That being said what we normally recommend is that you run the appropriate reports and then using those make the relevant calculations. Please note that you can create custom categories for your needs, including categories for depreciation, capital improvements, and so on. Regards, Stephan Grenier Founder LandlordMax Software Inc. http://www.LandlordMax.com http://www.FollowSteph.com |
|