All improvements to the house are collected and added to the purchase price when selling the house to reduce the capital gains on the sale. Gary
-----Original Message----- From: gnucash-user [mailto:gnucash-user-bounces+diamondhranchqh=earthlink....@gnucash.org] On Behalf Of Tony Vanson Sent: Friday, May 11, 2018 1:21 PM To: David T. via gnucash-user Subject: [GNC] House renovation Expense or Asset? Hopefully I've posted this query in the right area - if not, please accept my apologies. My quandary is that, my recently purchased house, has an uncompleted extension. I have now contracted to have this extension finished. I am unsure how to record the expenses incurred in GNUcash. 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. Cheers -- *Tony Vanson* *The older I get,* *the better I was* _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
