On 5/7/2022 2:17 PM, Gyle McCollam wrote:
I agree with David, but only if it was specifically negotiated as a repair,
otherwise, yes you should record the asset (home) at the $95,000 price.
Consult your tax advisor.
Note that it will likely make a difference what sort of "repairs" as
SOME can be added to the basis. You ordinarily want the basis as high as
possible as this reduces the capital gain when/if sold.
Michael D Novack
PS -- this isn't a gnucash question, and I will add that I lack the
qualifications to give accounting/tax advice. Besides, you didn't
specify the jurisdiction which is likely to have rules, what you should
do, what you are allowed to do, etc,
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