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Updated over 8 years ago on . Most recent reply

Soh Tanaka's profile image
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Soh Tanaka
  • Property Manager
  • from Lindenhurst, IL
  • Member since Mar 6, 2016
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Soh Tanaka's profile image
Soh Tanaka's profile image
Soh Tanaka
  • Property Manager
  • from Lindenhurst, IL
  • Member since Mar 6, 2016
Connect
Soh Tanaka
  • Property Manager
  • Lindenhurst, IL
506
Votes |
854
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Tax, SDIRAs & Cost Segregation

The right way to enter delayed-cash out refi to the book

Soh Tanaka
  • Property Manager
  • Lindenhurst, IL
Posted

I recently purchased a rental house for $50k cash. I entered to my book as a $50k asset. Now I refinanced the property and got $40k out. How do I enter the cash-out refi transaction to the book?

Thank you.  

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Steven Anderson's profile image
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Steven Anderson
  • Investor
  • from Spring, Texas
  • Member since Dec 4, 2015
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Steven Anderson's profile image
Steven Anderson's profile image
Steven Anderson
  • Investor
  • from Spring, Texas
  • Member since Dec 4, 2015
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Steven Anderson
  • Investor
  • Spring, TX
38
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126
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Steven Anderson
  • Investor
  • Spring, TX
Replied

Debit cash and credit the mortgage.

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