Accounting in Stessa question: I am importing all of my closing costs into Stessa for a property I recently purchased. All line items have a correct category, except for one of them: “Adjustments for Items Unpaid by Seller”. In my situation, the seller credited me $3,000 at closing for the prorated property taxes that they owe, up to the day of closing. I am then responsible pay these property taxes on behalf of them.
How do account for this? My mortgage escrow account will pay these property taxes automatically out of my own funds, but is the first tax payment technically my expense? I don’t count the $3,000 as income, correct? If I categorize it as a transfer, where does it go from there?
Any insight on this would be extremely helpful!
1 Like
@wesvanderpol, just checking if you ever got an answer for this? I’m wondering exactly the same thing right now. I would hope someone from Stessa support could also help answering this…