One of my properties has two units - a main house, which was our primary residence for 17 years - and a guest house, which has been rented for 20 years.
We moved to a new property in 2017 and began renting the main house.
In stessa, how do we split the “placed in service” of the two units on the same property? And therefore, also the beginning basis of both.
@vickifazzini Good question. First of all, Stessa does not currently offer tools or specific reports to track acquisition or adjusted cost basis. This may change in the future. Regarding date placed in service, Stessa only supports a single date placed in service for a property. Presumably you’ll want to use the earliest date that either unit was available for rent, but it’s probably best to check with your CPA on this since we do not provide tax advice. Hope that helps!
I’d create an A unit and B unit if you want to track differently
I figured out what to do since adding Units A and B does not allow two separate initial dates of service. Instead, I am creating two separate properties. Not linked. Then it allows me a new initial date of service for each unit.
I think I have a similar question. Have a house I lived in for years, rented it for a year and now live in it again. I have the unit listed as “Not In Service” but my cashflow numbers are still getting impacted because the mortgage is in Stessa but there is no income (I live here). Should I remove the mortgage or what can I do to show accurate numbers? I don’t want to remove the unit completely because I have historical transactions tied to it when it was a rental.
Yes, the “Not in Service” option pertains to the current status of the property only. Moving back and forth between different use cases (owner-occupied, investment, house hack, etc.) is not officially supported. The one scenario that is supported, is the situation in which a property is a fix and flip or owner-occupied before it becomes a rental/investment property. In that case, you’d set the Date Placed in Service to reflect the date your use case changed.
I would say… just indicate the Service Date in your property notes.
Hmm, I’d also like this feature. I rented out bedrooms in my home for some years, then rented out the whole thing. Tracking them as separate properties so the units can be tracked would seem to break overall profitability reports.