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H
harai
Level 2
June 15, 2020
Question

How to enter uncollectible installment sale?

  • June 15, 2020
  • 1 reply
  • 7 views
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1 reply

itonewbie
itonewbie
Level 15
June 16, 2020

What happened to the property?  Was the title not transferred as a result of the default?  What are the terms of the agreement in case of default?

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    H
    haraiAuthor
    Level 2
    June 16, 2020

    It was an insurance business sold in few years ago and buyer has not been making remaining payments for over a year now. The client wants to write off the debt as they cannot locate the buyer anymore. There is also an amortizable asset related to the insurance business and wondering if we can also fully amortize the asset in 2019? Thank you for your help! 

    sjrcpa
    sjrcpa
    Level 15
    June 16, 2020

    "There is also an amortizable asset related to the insurance business and wondering if we can also fully amortize the asset in 2019?" Wasn't this sold a few years ago as part of the sale of the business?

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