Where to post money from the sale of property?

Create a deposit in the money market account, offset by the property asset account, for the amount of the sale.

Then if the asset is not a 0.00 balance, create an adjustment in that account to make it zero. It sounds like you made money on the sale.  As you made money, probably use an income account for the adjustment.

@BigRedConsulting 

The asset value on the balance sheet should always be original cost so, if you do that, you will record the difference between the original cost and sale price as gain which is not correct.  The gain is the sale price less the asset's basis (original cost less accumulated depreciation).  

@Simple 

The "profit" (gain) you made on the sale is not just the sale price less the original cost.  It is the sale price less the basis of the asset (original cost less accumulated depreciation).  To record this properly, you need to know the amount of accumulated depreciation taken on the property over your ownership period.  Let's use an example of a property purchased for $250K, sold for $500K and had accumulated depreciation of $100K.  IMO, this should be recorded with a journal entry that looks like this:

Again, thank you for all your help. I am no expert in QB and just try to keep clean records for my church. This makes sense to me somewhat. May be a stupid question here but “why” do we have to show depreciation of the property when actually it made money for us? We paid $250k for the ground. (it was only ground no structure) and we sold it four years later for $450k. We paid $12,022.06 in interest over the loan period.

I wrote checks in banking/write check in QB showing principal and interest lines in the description. However, for some reason (my error I’m sure) in my chart of accounts for the ground loan long term liability it is now showing a negative balance of -250k. I hope this makes sense to you and maybe you can help me correct it. 

@Simple 

My apologies.  If this was land, then there should not be any depreciation and you and @BigRedConsulting are correct.  My mistake.  

When you purchased the property, there should have been the land's asset value on your balance sheet that was offset by the reduction in cash from the down payment and an increase in the loan liability amount.  When you made payments, the payment should have been broken out between the loan amount (principal) and the interest expense.  After the loan was paid of, the loan amount should be zero, obviously. 

Was the original loan balance recorded as a liability in QB as well as the land's asset value at its original cost of $250K?  What entry(ies) was created to bring the loan liability balance to -$250K?