On 9/3/2020 7:14 PM, David Cousens wrote:
Marcus
As a number have people have pointed out you may need to keep the cost basis
of your house separate from any adjustments for the estimate of the current
value you may apply to calculate your estimated current net worth. You can
have your cake and
Marcus
As a number have people have pointed out you may need to keep the cost basis
of your house separate from any adjustments for the estimate of the current
value you may apply to calculate your estimated current net worth. You can
have your cake and eat it too in this case.
Under your fixed
On 2020-09-03 14:34, Adrien Monteleone wrote:
> Marcus,
>
> Are you absolutely certain you are allowed to tack those items on to the
> cost basis? There may be tax implications there.
If the OP is in the US, Publication 530 will hellp.
https://www.irs.gov/forms-pubs/about-publication-530
--
Marcus,
Are you absolutely certain you are allowed to tack those items on to the
cost basis? There may be tax implications there.
Just because you are a 'regular person' doesn't mean you don't have to
keep accurate books, especially if you have to file tax/legal documents
based on the
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
@gnucash.org
Subject: Re: [GNC] Asset accounts: cost, or value?
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: W
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
On 2020-09-01 19:49, Marcus Winston wrote:
> I had thought that the Assets:Fixed assets:House would reflect the value of
> the house. But after putting the purchase price of the house, and then
> adding the costs to purchase (recording fees, appraisal, etc), I conclude
> that the House account
Nobody knows the value of a fixed asset like a house other than the buyer
when he makes an offer. This includes GnuCash. There are ways to trick
GnuCash into showing what your tax assessor or Zillow might estimate, but
it would be a lot of work to manually update your estimates from time to
I'm working on tracking asset values, costs, capital gains, and such, in
GnuCash. Specifically for my house (primary residence). I've sold one
house, and own a second. I have created some accounts for this:
Assets:Fixed assets:House1
Assets:Fixed assets:House2
Liabilities:Mortgage
Income:Capital
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