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PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4442
Experience:  35 years tax experience, including four years at a Big 4 firm.
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Yes, trying to figure out how to show sold rental property in quickbooks. I have pro

Customer Question

Hi yes, trying to figure out how to show sold rental property in quickbooks.
I have property setup as a fixed asset cost of $230K. At time of sale the mortgage balance was $217K and I deeded property back to note holder to erase this mortgage plus $4500. Depreciation so far had been $3888
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.
Hi from just answer. I'mCustomer and can assist.
Expert:  PDtax replied 1 year ago.
The journal entry to book the transaction can be done by reversing most of the amounts already booked, and what is left is gain or loss.
Expert:  PDtax replied 1 year ago.
Debit mortgage for 217000Debit accumulated Depreciation for 3888Credit fixed asset for 230000Credit cash for 4500Debit loss on sale for 13612That should report the sale/transfer, and gives the tax loss fit future reporting.Thanks for asking at just answer. Positive feedback is appreciated. I'mCustomer