Question 1

Is SheltrIQ better than Wave for landlords?

Accepted Answer

Yes, for landlords SheltrIQ is significantly better. Wave is general-purpose accounting with no rental-specific features — no Schedule E, no depreciation tracking, no property class tracking. SheltrIQ is purpose-built for rental property owners with AI tax classification, depreciation, cost segregation, and 1031 exchange tracking.

Question 2

Is Wave still free?

Accepted Answer

No. Wave was acquired by H&R Block and now charges $16/month for accounting. SheltrIQ's free plan covers up to 3 properties with full AI tax intelligence for landlords (paid plans add bank sync, PDF exports, and more).

Question 3

Does Wave work for rental property accounting?

Accepted Answer

Wave can track basic income and expenses, but it has no rental-specific features. There's no Schedule E mapping, no property-level class tracking, no depreciation calculations, and no understanding of IRS rental property rules. Most landlords outgrow Wave quickly.

Question 4

Can Wave track depreciation?

Accepted Answer

No. Wave has no depreciation tracking, no asset management, and no MACRS calculations. SheltrIQ tracks depreciation for 13 asset types with automatic MACRS mid-month convention calculations and includes a built-in cost segregation estimator.

Feature	SheltrIQ	Wave
Price	Free	$16/month (was free)
Purpose	Rental property tax intelligence	General small business accounting
AI Expense Classification	Yes — auto-classifies to Schedule E lines	No — manual categorization only
Schedule E Report	Full 19-line report with PDF export	No — no rental awareness
Property-Level Tracking	Per-property income, expenses, depreciation	No class/property tracking
Depreciation Tracking	13 asset types, MACRS mid-month, auto-setup	No — no asset management
Cost Segregation Estimator	Built-in calculator	No
1031 Exchange Tracker	45/180 day deadlines, gain deferral	No
REPS Hour Logger	750hr threshold, 14 activity types	No
Tax Health Score	5-check AI scoring with savings estimate	No
Tenant Management	Full CRUD + portal + maintenance	No — not designed for landlords
Invoicing	No	Professional invoicing with templates
Payroll	No	Full payroll services (additional cost)
General Bookkeeping	Rental-focused only	Double-entry, chart of accounts, P&L
Bank Sync	OFX/CSV import (SimpleFIN auto-sync coming)	Plaid bank connections
Privacy	Self-hosted AI, no data sharing	Owned by H&R Block

SheltrIQ vs Wave

Choose SheltrIQ if you want...

Choose Wave if you want...

Try SheltrIQ Free — No Credit Card Required

More Comparisons