On 5/11/2018 1:21 PM, Tony Vanson wrote:
I assume that when all the construction is finished, the total cost could
be assumed to be treated as an asset increase to the value of the house?
In this instance, would all additional expenses occurring during
construction be treated as a debit on my bank account but a credit as an
asset increase?
I would really appreciate some advice from any of the many knowledgeable
users on this forum.
Correct, with the caveat that while we are competent to tell you HOW to
do things using gnucash, and while many of us KNOW the the correct
answer, we do not hold the qualifications to give accounting/tax advice
of this sort. At least I do not.
Michael D Novack
PS -- Do you understand WHY this is a tax issue? Again speaking as an
"amateur", living expenses are not deductible, maintenance expenses are
not deductible, but capital improvement expenses eventually ARE (in
effect) deductible from the capital gain which may result when you sell
the house. Raising the basis reduces the gain.
--
There is no possibility of social justice on a dead planet except the equality
of the grave.
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