I started the Asset Summary and was following @RobertB4444 suggestion of using the 5.8% calculation on appliances. Besides the 3 appliances, I have an HVAC and 4 flooring replacements.
1. Do I assign a selling expense to each of the listed assets? If so - are my total expenses including closing costs, supplies, and repairs or just the closing costs?
My Disposition Report (not including the bldg/land (haven't done that asset yet) is indicating a $519.00 GAIN on assets (excluding any sales expenses).
2. To complete the interview for the Bldg asset - the total purchase cost was $118,702
73,902 Bldg (58.7%) and 44,800 land (35.6%).
Do I use the total sales price of $250K to determine the Bldg sales prices as $146,750 and Land sales price $89,000.
Again, to calculate sales expenses for bldg/land - do those numbers include repairs/supplies, etc., or just closing costs?
Many thanks!
