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S
sbridge
February 11, 2023
Question

COA entry for tax line mapping

  • February 11, 2023
  • 1 reply
  • 0 views

When setting up an Chart of account.  You select the tax line mapping category. Then I will be downloading to Turbo tax.

For Commercial Real Estate income what is the correct tax line mapping to select? 

1 reply

L
LollyNino_C
February 11, 2023

Thank you for posting here in the Community, @sbridge. 

 

To ensure you select the accurate tax line mapping in an account, I'd recommend reaching out to your accountant. If you don't have one, you may use our Find an Accountant tool. Then, here's how to set up an account in QuickBooks Desktop: 

 

  1. Go to the Accountant menu.
  2. Click Chart of Accounts.
  3. Press and hold Ctrl+N on your keyboard to create a new account. 
  4. Select How do I choose the right tax line? There will be a helpful article that will explain why you need to consult your accountant in using tax line mapping. 

 

For your future reference, I've added an article that will guide you in setting up sales tax for specific goods and services that you offer: Set up sales tax in QuickBooks Desktop. 

 

Feel free to post a comment below if you have other questions about tax line mapping or other QuickBooks queries. I'd appreciate any response and I'm always here if you need more help. Take care always.

S
sbridgeAuthor
February 11, 2023

I am sorry but that is a non answer.  There are only a few options for selection in the tax line mapping.  When I go to an accountant they say that the IRS request that you account for real estate income as real estate income.

 

That selection does not appear obvious.  When I try the methods that appear appropriate and then load into Turbo tax which is another intuit application, the revenue does not go into real estate revenue as appropriate.  I have tried it a couple different ways.

 

So to perhaps restate my question more clearly: What tax line mapping was defined by Intuit in their quickbooks application that captures real estate revenue as  a separate income line as it relates to the IRS.

    G
    GlinetteC
    February 11, 2023

    Hi, sbridge. I appreciate for getting back to us and sharing additional details about the real estate income account for tax mapping concerns.

     

    I can help you route to our accounting professionals to provide options for an appropriate account to use for real estate income for tax line mapping. This way, you can avoid messing up your books.

     

    Here's how:

     

    1. Go to this link: https://quickbooks.intuit.com/find-an-accountant/.
    2. Enter your City or ZIP in the box provided.
    3. Then tap Find a ProAdvisor.

     

    We also have collected some helpful articles for more account management tips: QuickBooks help articles.

     

    Drop your comment below if you have other account management concerns. I'll do my best to help you.

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