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Accounting - Seller contributions
I am updating my records in Quickbooks for my latest rental property. There are a couple items I'm not sure how to account for. Can anyone offer any advice?
- Seller paid closing costs(I got them to contribute 4000 for some repairs, but the HUD just lists it as seller paid closing costs)
- Taxes unpaid. For easy math lets say that 2000 went to my escrow account and 1500 was paid for by the seller for the period that they still owned the house. I want to have an asset account for escrow showing 2000, but how do I account for the 1500 that came from the seller?
My CPA will be reviewing everything, but it's Friday night and I'd like to get this all entered so that I can have it reviewed next week. Any help would be appreciated. Thanks.