On 8/2/2020 8:00 PM, doncram wrote:
........ I am not an expert about how personal financial
accounting should be done, where that is different from business
accounting.......
............ If done that way in GnuCash, then increases (decreases)
in value from stock market fluctuations would be included as gains (losses)
within the regular Income Statement of each period. And for tax purposes,
that would be proper: you will have to pay income tax on the gains,
because it is only an informal, personally-defined thing of yours.
If you lack the "qualifications" to be a tax advisor, don't say tings
like that
Most people are able to report personal income on the "cash basis" so
gains from appreciated assets not any sort of income until realized and
then may be either regular income or capital gains and may even depend
on how disposed of << appreciated asset donated to charity and depending
on type of asset, maybe only taxed conditionally*>> ALSO -- he said this
was for a "college fund". There are tax advantage possibilities involved
with that, too.
AND --- I will add, I was referring to the US. Anything taxes are
involved always must be in reference to some specific jurisdiction.
Michael D Novack
* Thus whether capital gains from sale of primary residence is taxed
depends on whether one has bought another primary residence within a
certain amount of time.
Michael D Novack
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