QuickBooks Home Finance Selling Non Business Personal Assets

This learn QuickBooks for home finance video class will show you how to record selling personal, non-business assets. You will almost never sell an old asset for the same amount that you purchased it for. If you receive more, you have a “gain” on the sale of the asset. If you sell for less that what you paid, you have a loss on the sale of the asset. Gains on sales of non-business assets should be recorded in an “other income” type of account that would not be part of operating income. Losses on sales of non-business assets should be recorded in “other expense” type of accounts and are also not part of the normal operating income. They will appear below operating net income in the profit and loss or income statement for that period of time. Gains on the sale of personal assets are taxable at a special rate called “capital gains”. Losses on the sale of personal assets are not deductible form adjusted gross income. To properly record these asset transactions, you must make a journal entry. Don’t’ forget to put the proper class for Taxable income and deductible expenses as part of the sales recorded in the journal entry.
This QuickBooks training course within this play list, will show you how to completely manage every aspect of your personal home finances using the Desktop version of QuickBooks. It really is better than Quicken, or any other software in regard to keeping records of non-business home finances. These easy, step-by-step QuickBooks training lessons show you how to handle area of finances that individuals, families, trust or estates would need to keep financial records for. This easy and fun little QuickBooks course will give you the ability to evaluate your financial position and understand how well you are doing over any period of time. You can even compare how well you did for specific time periods. There are several of features in QuickBooks that will make personal financial management work perfectly for you by using QuickBooks desktop.
I’m right here for you if you have any questions or need support. You can leave your questions in the comment section and I will do my best for you. I hope you learn well and enjoy the course!
-Mark

The entire playlist for QuickBooks Home Finance is here:
https://www.youtube.com/watch?v=ysMRuMfP-2Q&list=PLqRhgBZfJuE5WU4zmVZl3la16kalJYp3F

The file you can download and use for this section is here:
https://marksmolen.com/downloads/2016files/homefinance/2016-home-18-mem.qbw

You can lean QuickBooks free at the main YouTube channel:

http://YouTube.com/woldwidequickbooks

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Mark Smolen is a certified instructor and the creator of the QuickBooks Instructional YouTube Channel and Website.

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