how to record the sale of a rental property

Question

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?

Frankx · 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