This Investopedia page (
https://www.investopedia.com/terms/r/revaluationreserves.asp#:~:text=Revaluation%20reserve%20is%20an%20accounting,of%20the%20asset%20has%20changed
.) might provide some insights into how to setup revaluation reserves. My
reading of this is that the Reserve account is a contra account to the asset
value and it is recorded against a specific Expense account to account for short
term variations in the asset value. Find the section on recording revaluation
reserves a bit down the page. Most jurisdictions don't tax unrealized gains or
give you exemptions for unrealized losses, so you would likely want to record it
under an Expense account category for non-deductible expenses.
You should seek specific accounting advice from a qualified accountant for your
jurisdiction and specific situation and not rely on this
David Cousens
Listen to David.
This is a house. Ordinary expenses fore most repairs are non-deductible.
But certain "improvements", while also non-deductible at the time, are
allowed to be added to the basis, and so can reduce capital gains
when/if the house is sold << and you might not be required to report
these gains if buying another house for more within a certain amount of
time >> BUT (and this is why I am not being more specific, though I know
some of the details) I am NOT "qualified" to give such advice. Seek a
qualified professional.
Michael D Novack
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