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Property Sale

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Arthur C. Feith

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Mar 6, 2003, 1:47:53 PM3/6/03
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I know I have seen it here before but I never needed it until now. Can
someone post the best way to record the sale of a home/house in MS Money
(the house appreciated in value)?

Thanks,
Art


Tagman

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Mar 5, 2003, 9:57:34 PM3/5/03
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example of one option...

Asset (House) on books for $100,000
Sale Price $150,000

Deposit $150,000 in checking account
split - Transfer $100,000 to Asset (reduce balance to zero)
split - Book income $50,000 gain on sale of home
split - (can also add additional expenses - sales commissions, closing
costs, etc.)
reconclie and close home asset account

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