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I am new to this forum so please excuse me if this question has already been asked.
My question is about posting a transaction for real estate investments. I am not new to Quicken but am new to the business side of it and I am not an accountant. I hope these questions make sense. I have multiple residential properties that I have invested cash to purchase or invest in the property.
1) How should I post this transaction to show it as a real estate transaction?
2) What tax line item and schedule should be used to show this as an asset in the financial statement reports such as a balance sheet?
3) How do I reverse this when I sell the property or my investment is returned to me?
My question is about posting a transaction for real estate investments. I am not new to Quicken but am new to the business side of it and I am not an accountant. I hope these questions make sense. I have multiple residential properties that I have invested cash to purchase or invest in the property.
1) How should I post this transaction to show it as a real estate transaction?
2) What tax line item and schedule should be used to show this as an asset in the financial statement reports such as a balance sheet?
3) How do I reverse this when I sell the property or my investment is returned to me?