Tax Sale Journal Entries

Does anyone have some sample journal entries related to tax sale to share? I'm revamping our Chart of Accounts and there are some GL accounts there to do with Tax Sale that don't make sense to me. Thanks!

Susan Meeds, CPA, CGA
Director of Finance
Village of Burns Lake

Comments

  • For example we have the following tax sale related GL accounts in our Chart of Accounts:

    Asset Account "Tax Sale - subject to redemption"
    Asset Account "Taxes - tax sale"
    Expense Account "Tax sale cost"

    What might these accounts be used for? Hard to tell from looking at the history. Would appreciate input from anyone who makes journal entries to do with Tax Sale.

    Susan Meeds, CPA, CGA
    Director of Finance
    Village of Burns Lake

  • Also an expense account called "Loss on Sale of Property Acquired for Taxes"

    Susan Meeds, CPA, CGA
    Director of Finance
    Village of Burns Lake

  • Hi Susan, I made some notes awhile back on tax sale entries, for both when the property is redeemed, or not. I would be happy to e-mail them to you. I can be contacted at [email protected] :)

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