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, reconveyance fees, etc) to the cost of the
house itself. In other words, this will increase the bottom line on
the fixed asset "House" account. For two-column accounting, where does
that money come from (what's the other account)? I tried using an
equity account, but then I end up with a positive equity value on the
house after I sell it, and that doesn't make sense (I think I should
have zero equity in the house once it's sold).
MW
This isn't a gnucash question per se (you would have exactly the same
question were we back in the days of pen and ink on paper accounting)
When these transactions occurred you may have entered them wrongly <<
BTW, maybe it is being in different jurisdictions, but you are listing
things like "title insurance" and "conveyance fees" as SELLER costs. In
my experience, it is the buyer who pays for those particular things. >>
But back to the other side of those transactions. What I suspect is that
you entered them incorrectly with the other side as expenses, not
changes to the basis.
Michael D Novack
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