On Fri, 4 Mar 2022 19:26:04 -0500 Glenn Fowler <gfowl...@outlook.com> wrote:
> Hi, > > I use GnuCash for rental properties as well. Setup your accounts under > expenses for repairs, insurance, utilities, etc. In my case, I setup a > recurring transaction for rental income. Then, you only need to make > changes as needed instead of doing it manually every month. You need to have some idea on the tax implications of your expenses. In AU, this is where we start to rival North American sales tax ;) So some expenses are recurring - like rates and insurance and are tax deductible Some expenses are general maintenance - the bills from the plumber and electrician for callouts and are tax deductible Some expenses are capital - when you decide to replace the kitchen because it is wear and tear and scruffy, but not if it is seriously damaged by floods (topical here), that would be maintenance or on the insurance. Some expenses can be sent back to the tenant to pay (here we charge water usage to the tenant, but not if you didn't fix the leaky taps or cistern) Whether interest charges on the mortgage you have over the property are expenses which are tax deductible or capital expenses depends on the flavour of government - it seems to oscillate slowly here. If you are not sure about the expenses, make lots of expense subaccounts to keep them in general categories, and rationalise them when you have had a chat with your accountant. In GnuCash its easy to join subaccounts and tedious to split them. Liz _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
