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Furniture Expenses for Rental Property

Furniture expenses

Q: My client has a portfolio of rental properties for which he cannot claim Furniture expenses. How do I enter furniture purchases paid from a business account that cannot be offset against income but need to be accounted for? He has informed me that he has an allowance of 10% Wear and tear on the annual rental income.

A: With our experience, we have created a Fixed Asset Account for Furniture for rental properties, if you are a landlord.

Gita Faust

About the Author

Gita Faust has over 30 years of accounting experience in the real estate and property management industry, Gita Faust is more than just a real estate investor; she is also popular for her work as an accountant, consultant, mentor, speaker, QuickBooks Top ProAdvisor, QuickBooks Solution Provider, member of Intuit’s Trainer/Writer Network, and, of course, author. Gita is well-known for her exemplary leadership and advisory skills. In fact, she even helped pioneer the adaptation of QuickBooks to suit the needs of professionals in real estate and property management. To share her knowledge she has written a series of courses titled Simplified Accounting Solution, which provides step-by-step guidance for those working with QuickBooks.

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