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Level 1

How do I set up two different properties and keep utilities associated with each house separate?

I'm setting up a chart of accounts for personal accounts.  There are two properties - one a primary residence and the second being an AirBnb.  This is the first time setting up a chart of accounts.  I know how to set up the mortgages but I am confused as to how to add the houses and how to keep the costs associated with each house separate?

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Community Champion

How do I set up two different properties and keep utilities associated with each house separate?

I will start off by highly recommending you do not track your personal residence or any personal income or expenses in your QB business company. You can keep track of personal stuff in the free Mint ap from Intuit and it will still tie in to your turbotax account if you have one.

 

If you disregard the warning against comingling then I suggest using Class Tracking to separate and segregate a income and expense between your business and your personal. You may have to upgrade to Plus for that option.

 

As far as chart of accounts, start with the tax return you will use. Rent property is reported on Schedule  E,  generally

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