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Why is the sale of an asset considered 'Income'?

mbrown0812

I'm selling asset, be a car, real estate, etc and moving the proceeds into my bank account. Why does it show up as income? I have looked for solutions but the only thing I can find is to just filter it out. However, there isn't any way to filter it out of the 'Spending' tab.

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Chris_QPW

If one has an asset account, and then uses a transfer from that asset account to the bank account then it wouldn't show up as income.

If one doesn't have an asset account, then one can use a "balance adjustment" to record the change of balance in the account without having it affect a category or another account.

For that the category would be [Checking Account], if the name of the banking account is "Checking Account".

NotACPA

How is that Asset recorded in Q? How are you moving the proceeds to your checking account? What are the tax attributes, in Q, of any account that contains the Asset?

mbrown0812

The asset is an asset account in Quicken, I am attempting to move the proceeds to my checking account via a transfer. It doesn't seem to matter what tax attribute is used. In every case, I navigate to the 'Spending' tab, look at income and it shows up as income.

UKR

mbrown0812 said:

The asset is an asset account in Quicken, I am attempting to move the proceeds to my checking account via a transfer. It doesn't seem to matter what tax attribute is used. In every case, I navigate to the 'Spending' tab, look at income and it shows up as income.

It shows up as "Income" because it's a deposit to your checking account and the Spending tab view cannot filter out transfers.

In a way, the proceeds of your asset sale are now "income" because at some point in time earlier you had purchased the asset and experienced an "expense".

NotACPA

To put a simple rebuttal to your "asset is an asset" claim ... if you acquired the asset for $0, and sold it for $1,000 you have $1,000 in income. That's why the tax attributes of the account containing the asset are significant.