Real Estate
Capital Gains Tax Provision on Property Sale
Accruing the estimated tax on the profit made from selling a property.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Capital Gains Tax Expense | Expense (+) | 30,000.00 | - |
| Capital Gains Tax Payable | Liability (+) | - | 30,000.00 |
💡 Accountant's Note
In Jordan, gains on property sales may be subject to income tax. The estimated liability is accrued in the same period as the gain so the P&L reflects the true net profit from the transaction.
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