If you’ve sold a property, you will still use Rentastic as you previously would to track and manage all of your expenses.
Once the property has officially sold, you can do one of two things:
1. Add a manual transaction, classify it as “Income”, and enter in the dollar amount that correlates to the proceeds of the sale.
2. If you have a linked bank account and the proceeds from the sale will be deposited into that bank account, you can wait for the transaction to post and then classify it as “Income”.
If you’ve also used Rentastic to track all of the other expenses of the property and sale (maintenance, repairs, capital expenditures, closing costs, etc), Rentastic will automatically calculate the profit or loss on the sale of the property come tax time.
You can then generate a P&L report for that property, and give it to your CPA come tax time next year.
One thing to remember is that you should NOT delete the property, now that it’s been sold. You’ll simply want to archive it (Under Settings -> Archive) until your taxes are complete for the following year. The reason for this is if you delete the property, Rentastic has no way to associate those transactions with a property that no longer exists.