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Level 1

Rental Property sold at loss

rental property sold for $48000 cash

the mortgage balance was $47054.51

Closing costs were $4348.59

meaning the owner suffered a loss on the sale of this property.  

 

2 Comments
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QuickBooks Team

Rental Property sold at loss

Hello @Burleson76

 

It’s great to see you here in the QuickBooks Community. I may need a few more details to make sure I am giving you the information you need.

Are you trying to figure out how to account for the loss in QuickBooks? Were the closing costs paid separately?  This QuickBooks Community conversation might have some insights for you too. Community This can get tricky, so you may want to consult with your accountant. If this doesn't answer your questions, I'll be here to help!

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Level 1

Rental Property sold at loss

Yes, the closing costs were paid out of pocket by the seller and I am not sure how to make this journal entry in QBO

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