Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 8 years ago on . Most recent reply

User Stats

95
Posts
14
Votes
Dustin DuFault
  • Investor
  • Fernandina Beach, FL
14
Votes |
95
Posts

Recording HUD details on a sale in Quickbooks

Dustin DuFault
  • Investor
  • Fernandina Beach, FL
Posted

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.

Loading replies...