Selling Rental Property

Spotteddog
Spotteddog Member ✭✭✭✭
Other than just deleting or hiding the property, has anyone used Quicken HBR (2019)(Windows 10)  to enter (settlement) transactions for the sale of a rental property?
I was going to try setting up an account called "sale of xyz", but haven't tried it yet. Does this sound like the best way to do it, or is there a better way?

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Is the property currently an account in Q?
    And, "Sale of XYZ" sounds to me like a Category ... not an account.  Why would you transfer money from the property account to another account (other than your bank account)?
    Basically, if the property is recorded in Q, you'd record an Transfer in the property account that removes ALL of the value of the property as the sale transaction.  Split the transaction and some of the gross proceeds go to the various settlement costs, some will go to RE taxes, etc.  Whatever amount is left is a transfer to your bank account.
    It's really no different that the sale of any other property ... which I've done several times, but one WAS a rental.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Spotteddog
    Spotteddog Member ✭✭✭✭
    I intended the "Sale of XYZ" account to be, basically, the settlement statement, which would end up zeroing out the property account and transferring amount due to seller to my bank accounts. 
    I see that doing all this in the property account would get the same result.

    With removing security deposits, reminders, the property account and tenants from my Rental Property Page, I thought there might be more to it than that. Thought it might be cleaner doing it with a settlement account.

    Thanks
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