how to record the sale of a rental property

I read Frankx's reply to a previous poster, but need further clarification. The category for the removal of the asset would be the asset account. What is the category for the gain on the sale?

Best Answer

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Accepted Answer
    Hi @Robert

    Quicken doesn't have a "standard account" for posting of a gain specifically on real estate.  So, I would suggest that you post the gain on the sale to a "hidden category" which is titled "_RlzdGain" (which stands for realized gain).  To see this account in Quicken, open up the "Category List" and then make sure the "Show hidden accounts" box at the bottom of the page is checked and "Full list" is selected in the "Show" drop-down.  Then search for "gain".

    As another option - you could also create a new "category" and call it whatever you like - such as Gain on Sale of Rental Properties".  To do that, open the "Category List" (as above) and then just click on the "New Category" button at the top right and follow the prompts.

    Let me know if you have any followups.

    Frankx


                           Quicken H&B-Subscription - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -

Answers

  • Frankx
    Frankx SuperUser ✭✭✭✭✭
    Accepted Answer
    Hi @Robert

    Quicken doesn't have a "standard account" for posting of a gain specifically on real estate.  So, I would suggest that you post the gain on the sale to a "hidden category" which is titled "_RlzdGain" (which stands for realized gain).  To see this account in Quicken, open up the "Category List" and then make sure the "Show hidden accounts" box at the bottom of the page is checked and "Full list" is selected in the "Show" drop-down.  Then search for "gain".

    As another option - you could also create a new "category" and call it whatever you like - such as Gain on Sale of Rental Properties".  To do that, open the "Category List" (as above) and then just click on the "New Category" button at the top right and follow the prompts.

    Let me know if you have any followups.

    Frankx


                           Quicken H&B-Subscription - Windows 10 Home - Ver. 2004
                                             - - - - Quicken User since 1984 - - - 
      -  If you find this reply helpful, please click "Helpful" (below), so others will know! Thank you.  -
  • Robert
    Robert Member ✭✭
    Many thanks!
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