Thanks all, good enough for me! Cheers
On Sat, May 12, 2018 at 6:48 PM, R. Victor Klassen <rvklas...@gmail.com> wrote: > Correct. And contrary to what others have said, it is more than a tax > issue. If you put home improvements in an expense account, then when you > look at your overall expenses and income at the end of the year, it will be > distorted (yes you’ve spent that, but it is an unusual expense). Having a > more realistic amount in the expenses makes forecasting easier. And that > is a not insignificant part of the reason to keep books in the first place, > is it not? > > > On May 12, 2018, at 1:20 AM, Tony Vanson <tonyvan...@gmail.com> wrote: > > > > Thank you for your responses. > > At this stage there are no taxation issues, such as capital gains, to > take > > into account as I'm living in S.E. Asia. I am just looking at a > simplified > > way of recording all expenses incurred in connection with the renovation. > > I have an asset parent account set up as "House" and a sub-account to > that > > as "Renovation". I also have an expense account as "Home Repair". My > > thoughts are that anything spent on Renovation adds to the asset and is > > technically not an expense to be recorded as Home Repair? Am I correct on > > this? > > Cheers > > > > On Sat, May 12, 2018 at 4:35 AM, Mike or Penny Novack < > > stepbystepf...@dialup4less.com> wrote: > > > >> 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. > >> > >> > >> _______________________________________________ > >> 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. > >> > > > > > > > > -- > > *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. > > -- *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.
