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URL:https://www.learndesk.us/class/5357370983055360/lesson/08e27a2ba80852a9f8f5d2f41721e48e?ref=outlook-calendar
SUMMARY:Recording the Asset Purchase
DTSTART;TZID=America/Los_Angeles:20260513T190000
DTEND;TZID=America/Los_Angeles:20260513T200000
LOCATION:https://www.learndesk.us/class/5357370983055360/lesson/08e27a2ba80852a9f8f5d2f41721e48e?ref=outlook-calendar
DESCRIPTION: 
An accounting or bookkeeping background is helpful when preparing taxes. This part of the lesson goes over the accounting entries needed to properly record the asset purchase in the bookkeeping or accounting system. The video CPA tax preparation school has courses in basic bookkeeping you will have to take to become a proficient tax preparer.
Example
Your client purchases a residential rental on May 15, 2019, for $250,000. You agree with him that $50,000 of the purchase price should be allocated to land. The HUD 1 settlement statement shows expenses associated with obtaining a loan of $4,500. The loan fees were rolled into the note. Your client obtained a mortgage loan of $230,000 to purchase the property and paid $20,000 down.
Entry needed to record the purchase of the property:
Residential rental $254,500, Cash $ 20,000, Mortgage note $234,500
If you desire more detail in your records you could make a more detailed entry that looks like the following:

Residential structure...

https://www.learndesk.us/class/5357370983055360/lesson/08e27a2ba80852a9f8f5d2f41721e48e?ref=outlook-calendar
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