Recording HUD details on a sale in Quickbooks
Hello BP!
I'm having a mental moment I thought the kind BP community could assist with! I recently sold my first property (I've historically been more of a buy and hold kinda guy), and I'm struggling with the QB journal entry to close out the property.
I know I need to debit my asset accounts and credit my contra-asset accumulated depreciation accounts. What I'm confused about are all of the fees I paid that were accounted for on the HUD... like the real estate commission for example. If I enter these as expenses what do they get offset against?
I hope this makes sense because my brain feels like mush after thinking about this for the last hour LOL.