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How to enter uncollectible installment sale?

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Level 1
last updated ‎June 15, 2020 6:11 PM
 
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Level 15
last updated ‎June 15, 2020 6:11 PM

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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Still an AllStar
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Level 1
last updated ‎June 15, 2020 6:11 PM

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! 

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Level 14
last updated ‎June 15, 2020 6:11 PM

"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?


ex-AllStar
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