Double close real estate transaction
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How should I book a double-close real estate transaction?
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How should I book a double-close real estate transaction?
I buy a property and immediately sell it with a double close.
Lets say I buy it for 40,000 and sell it for 50,000 the same day.
I wire the 40,000 to the title company and later the same day I receive 50,000.
For real estate I hold for a longer time I normally create a Fixed Asset account, but in the case I own the asset for less than a day.
I wire the 40,000 to the title company and later the same day I receive 50,000.
For real estate I hold for a longer time I normally create a Fixed Asset account, but in the case I own the asset for less than a day.
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