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alexzhu's avatar
alexzhu
User
4 years ago
Solved

2020 Tax - Rental schedule

When there is a rental property shared between 2 individuals, and each of them is paying different amount of loan interests, say husband pays 5k and wife pays 6k, in order to correctly capture this expense for each of them respectively, we need to enter the gross loan interests in husband's schedule as 10k and wife's as 12k. By doing this will give us the correct net rent for each of them but the total rental expenses may not be accurate, as the total loan interests should be 11k not 10k or 12k. We understand this should not affect reporting end results but we think it would be nicer to have the old rental schedule where you can have another column to put such expenses rather than only the option of putting gross amounts.

Thanks.

MYOB Essentials
  • Sandy_C's avatar
    Sandy_C
    4 years ago

    Hello alexzhu 

     

    Thank you for your post and feedback.

     

    I would like to let you know that there has been big changes between the 2019 and 2020 rental schedule, hence why MYOB is working to improve the functionality of the 2020 Rental property schedule. These are expected in future releases. For now if rental property is shared, but each owner has different amounts, you will either need share all or do not share and complete another schedule separately.

    Using an example: (e.g one owner has loan interest, the other owner doesn't) - one schedule will need to be created for the first owner, and a second schedule will need to be created for the other owner.

     

    We do understand it's tedious work having to enter multiple schedules and hope with the newer tax release, we'll be able to deliver a better user experience. 

     

    Regards,

     

    Sandy
    Client Support Representative

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  • Sandy_C's avatar
    Sandy_C
    MYOB Staff
    4 years ago

    Hello alexzhu 

     

    Thank you for your post and feedback.

     

    I would like to let you know that there has been big changes between the 2019 and 2020 rental schedule, hence why MYOB is working to improve the functionality of the 2020 Rental property schedule. These are expected in future releases. For now if rental property is shared, but each owner has different amounts, you will either need share all or do not share and complete another schedule separately.

    Using an example: (e.g one owner has loan interest, the other owner doesn't) - one schedule will need to be created for the first owner, and a second schedule will need to be created for the other owner.

     

    We do understand it's tedious work having to enter multiple schedules and hope with the newer tax release, we'll be able to deliver a better user experience. 

     

    Regards,

     

    Sandy
    Client Support Representative

    • KRNMS's avatar
      KRNMS
      Partner
      4 years ago

      I have the latest version of tax 2020 and we are still unable to enter individual interest claims.  I have multiple owners of several rental properties, so your suggestion of entering a single schedule for each owner is time consuming and unreasonable to pass the cost on to the clients when it is the software that is incompetent.  This  was not necessary in 2019 and should not be necessary for 2020.

       

      It is now December and half way throught the next tax year.

       

      Problems like this should not still be occurring and we do not receive any discount on our MYOB subscription for all the errors we have had to work around this year.

      • Sandy_C's avatar
        Sandy_C
        MYOB Staff
        4 years ago

        HI KRNMS 

         

        Apologies for the delayed response and sorry to hear your frustration.

        Since the 2020.1 release, we have made many improvements and changes to our returns and schedules. 

        In the rental schedule, you can now enter the private use $ amount in the one schedule without having to create another schedule.

         

        I would also highly recommend going through the release notes for the install as it gives the full overview of updates/changes made to the software.

         

        Regards,

         

        Sandy
        Client Support Representative

         

  • Emily_B's avatar
    Emily_B
    Former Staff
    4 years ago

    Hello alexzhu 

     

    Thank you for your post. Unless I have misunderstood, it is sounding like you wish to see a different system in Essentials through which variable expenses for a shared loan between two individuals could be input. If this is the case, I will be happy to pass along your feedback to the right team. If however I have misunderstood your query and you do require help with someting pertaining to Rental Schedules, please do let me know and I will reach out to a team member with more expertise in this topic who can better assist you.

    • alexzhu's avatar
      alexzhu
      User
      4 years ago

      Hi Emily,

       

      Thansk for your reply. Yes your understanding is right. I'm not sure if I posted in the wrong place, I was intending to refer to the 2020 tax in MYOB accountants enterprise but couldn't find a related tag to make a post.

       

       

      • Emily_B's avatar
        Emily_B
        Former Staff
        4 years ago

        Hello alexzhu 

         

        No problem at all, I have moved this thread to the Accountants Enterprise board to ensure it is seen by the relevant team for additional comments, if needed.