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5M WAP 5M Wealth AutoPilot Frequently Asked Questions How To Video Helpers
Frequently Asked Questions
How do I install Investor Books and Tenant Tracking?Watch this short 10 minute video and remember to use the pause and play and rewind button. Use this tool while you actually install each file into your computer. QuickBooks Pro
Back to TopWhy 2 Company Files? How does Investor Books Talk To Tenant Tracking?They do not talk or communicate with each other and it is explained in this short video clip
Back to TopWhy doesn't ... ?[This is the answer to the question.] Back to TopWho is ... ?[This is the answer to the question.] Back to TopWhat is ... ?[This is the answer to the question.] Back to TopWhat To Do When You Seller Finance and "Get It Back?"
Mike, When you have a minute, I
need some help in Investor Books with installment sales. (I’m just getting
08 taxes together --- and I’m discovering I only have a 6 month memory span)
Well, as usual, I got the property back a few months ago (in
2009), #1 Larry.... well, let's do a "before we get started" thought... because i went through the exact same years ago, and it has happened many times since. Okay, now #1... let's take a brain dead simple look at the chronological order of events involved. April 2008, Larry sells 123 main st. for $79,900.. with 4k down - Yeehaw! - this means 4k towards purchase using Installment Sale method and the balance of 75,900 (plus whatever) is seller financed.. - you enter your sale of asset as described. and ZERO out your Fixed Asset account for the property SOLD. Now you would no longer own it. April 2009, after defaulting you get the house back. in the real world, you actually purchased the house back from them for the balanced owed. Although you did not state the balance owed you with late charges, fees and anything else you wished to tack on... You actually Purchased the house for say... $76,000 "subject to" your existing 1st mortgage loan already on the property. How to Do This.... THINK SIMPLE You SOLD it in April 2008. ... gone, adios, bye bye... If you try to "undo" it, this is a major no-no and probably could be considered some kind of crime... because You are trying to erase a Taxable event of the sale of a piece of real estate. You can NOT "undo" it.. Therefore, when they "give" it back to you, You are actually BUYING another house.... it might be easier to think of this situation as if you were an investor and these Sellers called you.... You agree to buy it for the balance owed to the lender (larry) along with buying it "subject to" the existing 1st mortgage already in place.... I really believe this will help you figure it .... Just NEVER think about "UNDOing" something... just properly document it in chronological order and you got it. For example, do I just show it as acquiring a new asset at the original price and set up a new class OR just move the old asset and class back to where it was. I still have a loan that I owe on the property.
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