Hello, I am trying to input a property that we paid a 15% downpayment on that will be completed in Sept 2025. I can't seem to find how to enter the downpayment.
For a property you set to be bought at a future date, it asks what the % downpayment is (you have to click Save and Continue when you Add/Edit the property as it’s asked for on the next screen). This assumes you will be taking out a mortgage for the rest and it will check CMHC rules for down payments for mortgages.
But you said this is a presale downpayment, so I presume not for a mortgage, but to a builder. We don’t have separate inputs for that.
What you can do is set the down payment to 100%. In the TIME MACHINE, this will remove the entire purchase price from your cash flow.
To account for the 15% you’ve already paid, add an INCOME, type Other Income, and not taxable, for the amount of the downpayment that you paid as a lump sum on the same start and end date as your purchase date. That will credit you for the downpayment you previously paid and reduce the amount taken from your cash flow in the TM.
If you were to make more downpayments in the future before closing, you can enter them as simple one-time EXPENSES, and add those amounts to the "INCOME, type Other Income, and not taxable" entry to be credited at closing.
You can also have a mortgage entered on the property (LOANS) and if it starts in the future, those funds will be added to your cash flow.