N
N Owen
In the year of sale, where "Cash to Seller" is escrowed for 1031 Exchange,
how is the "gain on sale of asset" booked? Is it booked as a liability to
be used as an adjustment to purchased property basis?
I am "just a bookkeeper" with quite a bit of knowledge, and usually depend
on a client's CPA to assist me with any questionable JE's. But, in this
case client uses EA - and I need to book all entries correctly before
financials are turned over. Enough said!!
TIA for any help offered.
N Owen
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how is the "gain on sale of asset" booked? Is it booked as a liability to
be used as an adjustment to purchased property basis?
I am "just a bookkeeper" with quite a bit of knowledge, and usually depend
on a client's CPA to assist me with any questionable JE's. But, in this
case client uses EA - and I need to book all entries correctly before
financials are turned over. Enough said!!
TIA for any help offered.
N Owen
--