Just Bought My First Home + Taxes + Minute Menu

[Oats&Ivy]

Ok so I just bought my first home, and I am trying to figure out how I enter everything into Minute Menu. Previously I used "Apartment/Home Rent" but now, I'm not sure which category to use.... would it be "Home" and/or "Mortgage Interest Paid" ?? If I am supposed to do "home" I have no idea how to enter everything in.. help?!

[TomCopeland]

House expenses

Ok so I just bought my first home, and I am trying to figure out how I enter everything into Minute Menu. Previously I used "Apartment/Home Rent" but now, I'm not sure which category to use.... would it be "Home" and/or "Mortgage Interest Paid" ?? If I am supposed to do "home" I have no idea how to enter everything in.. help?!

Enter the cost of your home as a depreciation expense under House Depreciation. Enter mortgage interest paid, property tax, utilities, house insurance, and house repairs under their own expense categories.

[Oats&Ivy]

Thanks. I'm somewhat confused about the depreciation method and convention. Also it asks for value of land at time of purchase. I'm not sure what that is or if they ever told me anything like that.

[TomCopeland]

Depreciation

Thanks. I'm somewhat confused about the depreciation method and convention. Also it asks for value of land at time of purchase. I'm not sure what that is or if they ever told me anything like that.

It is confusing. Straight Line for the Method and Mid Month for the Convention.

If you don't have the paperwork that shows what your land was worth when you bought your home, find out what your land is worth today. Then compare today's land value with today's assessed value of your home. If land is worth 10% of your home today, assume it was worth 10% of the purchase price of your home and enter that amount.