What transaction do I enter for sale of a home?

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.

Stubby,

Thanks very much for the reply. I have a few more questions:

1. I never received the full sale amount of 3,000. The approx K 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 K, 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?)

1. 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? : )

Thanks everyone!!!

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 sale:

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 accounts updated).

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.

Jay

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.

Cheers, Scott

"Scott Lindner" wrote in news:dlUHf.12043$ snipped-for-privacy@tornado.socal.rr.com:

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.

scott s. .