What is the Date Placed into Service on the INPUT DATA > TRACKER page?
This is the date that the property is considered ready to rent.
If you buy a property that needs fix-up before you look for tenants,
then the Date Placed into Service is the date that the fix-up is compete.
If you buy a house that is rent-ready, then the Date Placed into Service
is the same as the purchase date (even if you're unable to find tenants right away).
The IRS allows you to start depreciating your property on the Date Placed into Service.
INPUT DATA > TRACKER
How to document the sale of a property in Property Tracker
In the INPUT DATA > SELL section of Property Tracker the question is asked 'Has this property been sold?' and once you click the YES dialog box additional SALE DATE and SALE PRICE fields become visible which will allow you to enter and save their ...
What apps does REAL ESTATE TOOLS provide for income property investors?
PROPERTY TRACKER - PropertyTracker.com is a web-based service that helps you evaluate potential properties before you buy and track the mortgage, income, and expenses for properties that you already own. The first 30-days are free and clients are ...
How do I enter a second mortgage in Property Tracker?
To enter a second mortgage in Property Tracker, go to the Mortgage Data input page: 1) Click the Add button on the top of the page. 2) Click the radio button next to Second to indicate that you are entering data for a second mortgage. Then enter the ...
What is Depreciation?
Depreciation is an accounting method of allocating the cost of a tangible or physical asset over its useful life or life expectancy. Depreciation represents how much of an asset's value has been used up. Depreciating assets helps companies earn ...
How do I document Closing Costs in Property Tracker?
The outputs from the "Closing Disclosure Sections B+C+E+H" and "Other Closing Costs and Fixup: Closing Disclosure Sections F+G+ Renovation costs" in the INPUT DATA > PROPERTY section of Property Tracker can be found in the EVALUATE > 1st YEAR ...