I sold a home. It was my previous peronal residence.
$153,000 = sales price
$60,601 = mortagage balance at time of sale.
(I lived in it for about 12 years, always as my primary residence)
I have the home listed as an asset, and I had a liability account for
I know I no longer have the asset or the liability.
Now that it's sold and the loan is paid off, what transactions do I
enter into Quicken to reflect this action?
My guess is that you deposit the check for $153K in your checking
account. Then you have to pay back the mortgage loan out of your
checking account and in Quicken you make this a transfer to the loan
(liability account). The liability account will have a balance of $0.
Your checking account will be $92399 richer. The value of your house as
an asset will be $0.
Thanks very much for the reply. I have a few more questions:
1. I never received the full sale amount of $153,000. The approx
$60K to pay the loan bal on the home was deducted from the sale, and
the loan was paid. I was given the remaining balance . I never had
possession of the $60K, so how do I show it in my Quicken? (If I did
have the $, it'd be easy to show it as a deposit, then a transfer...I
could probably "fake" it..is that the correct way to do it?)
2. The home was sold, it is indeed not an asset for me. But how do I
make an asset suddenly have a value of zero? What do I do in Quicken?
well, I think I figured it out...(it was easier that I expected)
in my Asset register, I entered a Split transaction on the date of the
a. I transferred 60,601 from the Asset to the Mortgage account.
b: I transferred 80,356 from the Asset to the my checking account.
that' sthe amount that was wired to my account.
That worked well. The Asset is zero and so is the mortgage..
Now I have $12,043 to account for, that I never recevied! (the truth
is, the home was sold 3 yrs ago, and I am simply trying to get my
Most of that was sales commmission, but 12K is 7.8% of 153K......if the
sales commission was 6% of 153, it would be 9K....any suggetions on who
got a piece of my pie? : )
You should have received a settlement sheet showing amounts owed by and due
buyer, and owed by and due seller. See if you have it among your backup
paperwork for federal tax forms filed year following sale.
I haven't sold a home yet so I don't have the experience but I can tell you
what I did when I bought. I created an escrow account as an asset. I had
everything going into and out of it just like it really does with the
escrow. For the money that never hit any of my accounts but things that I
did pay for, but not directly.. I showed those expenses in my escrow
account. Which all showed up on my big mega statement when escrow closed.
Not sure how much you care. I read the other posts to date and it sounds
like you have a workable solution that is satisfactory.
"Scott Lindner" wrote in
That is what I do as well. Create a separate account, just to provide
the visibility. Everything relating to the transaction goes through
that account. 99% of the numbers come right off the HUD-1 form.
I put the HUD-1 line number in the memo field for reference.