On 9/2/2020 11:08 AM, D. wrote:
Michael,
Could you go into more detail about how one would enter, e.g., title insurance
in GnuCash so that it would apply to the cost basis of a property?
TIA,
David
Take a simple example. You write a check to pay something that is
properly part of the basis:
I can illustrate an example where costs etc are derived from my book.
When I purchase a house at $100,000, using a $20,000 deposit and $83,000
mortgage. Purchase costs are $3,000 - includes insurance, buyer's agent
fees etc.
The Balance line describes Asset:Settlement Running Balance.
Deposit
Well, yes, it isn't necessarily a gnucash question. But pen and ink are
a bit cumbersome, and so I use gnucash.
Let me illustrate, perhaps it will help to identify whether I'm
fundamentally doing it wrong, or just have the wrong accounts.
In the assets:fixed assets:house account, I have (I'm
Michael,
Could you go into more detail about how one would enter, e.g., title insurance
in GnuCash so that it would apply to the cost basis of a property?
TIA,
David
Original Message
From: Michael or Penny Novack
Sent: Wed Sep 02 09:53:54 EDT 2020
To:
On 9/2/2020 8:28 AM, Marcus Winston wrote:
OK, Thanks. So the "balance" in the asset account would reflect the
cost of the asset, not its value. That's fine, and is what I concluded
also.
Next question: When I sell the house, I'm adding the costs to sell the
house (title insurance,
In my neck of the woods, sale prices of houses are recorded with the records of
change of ownership. Sale values may not be available until some time after the
sale, but they will appear. Online real estate sites can tell you the history
of sales and sale prices in whatever area you are
OK, Thanks. So the "balance" in the asset account would reflect the cost
of the asset, not its value. That's fine, and is what I concluded also.
Next question: When I sell the house, I'm adding the costs to sell the
house (title insurance, reconveyance fees, etc) to the cost of the house
