Showing property taxes on P & L when paid by lender on rental property
I get get a response, thank you AileneA. I appreciate your response but I am confused.
Is there a way to enter the property taxes as a J/E just to show on my annual P&L? It seems this is the easiest way for me. I just don't know who to charge the credit part to.
Showing property taxes on P & L when paid by lender on rental property
Since you have a loan, you should have a liability account where you're tracking your balance due and interest, as well as the payments you make from your checking account to the loan.
To track the taxes paid, make an entry in the loan account register for the taxes, which will increase the amount due on the loan.
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