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 -------- Original Message -------- From: Michael or Penny Novack <stepbystepf...@comcast.net> Sent: Wed Sep 02 09:53:54 EDT 2020 To: gnucash-user@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: 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 _______________________________________________ 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.
