The answer is yes, it's compatible with Mt. Lion which is considered a minor OS upgrade for Apple. The major OS upgrade was Lion. Before that, the major OS upgrade was Leopard, with the minor upgrade being Snow Leopard. Major implies drastic changes, such as the removal of the ability to use Rosetta to continue using PPC applications on an Intel-based system. Minor implies bells & whistles, such as the improved Retina Display in Mt. Lion, that really has no impact on application functionality but are more of an aesthetic improvement.
I found the solution to my problem of having 16.1.2 giving me a corrupt data error message when I tried to create a new file with no data. Finally looked at the package contents and found a Quotes file with a 2003 creation data. Deleting the Quotes file did not solve the problem but when I searched my hard drive for a Quotes file I found one lurking in Quicken Conversion Data folder in my Shared folder apparently remaining from an ancient Quicken upgrade. Deleting the Quotes file allowed me to create a new file with 16.1.2 with no error and to subsequently import a QIF file exported from 16.0.2.
Tamara, thank you for your posting. I've spent an incredible amount of time this afternoon trying to find the answer to the question "Is Quicken for Mac 2007 for Lion compatible with Mountain Lion?" (very frustrating!). I will be purchasing Apple's new 27" iMac around the end of December to replace my old PowerPC Mac and was thinking of purchasing a copy of this software if it worked under Mountain Lion.
You would think that Quicken would have updated their "Quicken Mac 2007 OS X Lion compatible" web page by now! But I found absolutely nothing on the web site regarding this question. Think I'll hold off on purchasing it until after I've got my new Mac... maybe by then Intuit will have updated their web site with some definitive statements or information regarding compatibility with Mountain Lion.
I have a seemingly small issue that has cropped up since I upgraded to Mountain Lion. In the Budget Set-up window, the "View" drop-down menu is no longer shown. This means that the only view for a new budget is the default, which is "Monthly Average". Unfortunately, I need the yearly total. Existing budgets retain the view they were created in, which in my case is the yearly total.
The Q2007/Lion User Guide states that this drop-down should be there.