How do I classify expenses related to property sale

JCB22 · ‎February 10, 2022

My client is selling some property and had a survey done of the property. How would you classify this expense?

Thanks

J

McBrideBookkeeping · ‎February 10, 2022

Hey JCB22,

In terms of Costs the Survey is no different than any of the other closing costs like Legal Fees, Advertising etc

I would say a Survey is just a Professional fee of sorts as you're unlikely to have "Survey Fees" on your Chart of Accounts unless you use them a lot.

Hope this helps !

Please mark this answer as a helpful solution if it answers your question
Thanks
McBride Bookkeeping

View solution in original post

McBrideBookkeeping · ‎February 10, 2022

Hey JCB22,

In terms of Costs the Survey is no different than any of the other closing costs like Legal Fees, Advertising etc

I would say a Survey is just a Professional fee of sorts as you're unlikely to have "Survey Fees" on your Chart of Accounts unless you use them a lot.

Hope this helps !

Please mark this answer as a helpful solution if it answers your question
Thanks
McBride Bookkeeping

JCB22 · ‎February 10, 2022

Thanks for your help.

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How do I classify expenses related to property sale