If you need, you can split the expenditure between the Asset (affecting
the basis) and the Expense accounts.
The purpose of accounting is INFORMATION. That is what my "PS" was all
about. Thinking that you have to split the expenditure is an illusion.
You might want/need all of part of that
Hi,
On Tue, July 12, 2022 11:32 am, Tom Browder wrote:
> On Tue, Jul 12, 2022 at 09:38 Michael or Penny Novack <
> stepbystepf...@comcast.net> wrote:
>
[snip]
> Thanks, Michael. Yes, I understand the need for carefully determining,
> according to IRS rules, what is allowed for basis. But I'm not
On Tue, Jul 12, 2022 at 09:38 Michael or Penny Novack <
stepbystepf...@comcast.net> wrote:
> On 7/12/2022 9:01 AM, Derek Atkins wrote:
> > The way I do it personally (note: IANAA) is that I have an Assets:Fixed
> > Assets: account with subaccounts for, e.g. Purchase,
> > Renovations, etc.
> >
> >
On 7/12/2022 9:01 AM, Derek Atkins wrote:
The way I do it personally (note: IANAA) is that I have an Assets:Fixed
Assets: account with subaccounts for, e.g. Purchase,
Renovations, etc.
That way I account for improvements that change the basis, and the summed
balance of A:FA: is my current basis.
On Tue, Jul 12, 2022 at 08:01 Derek Atkins wrote:
> The way I do it personally (note: IANAA) is that I have an Assets:Fixed
> Assets: account with subaccounts for, e.g. Purchase,
> Renovations, etc.
>
> That way I account for improvements that change the basis, and the summed
> balance of A:FA: i
The way I do it personally (note: IANAA) is that I have an Assets:Fixed
Assets: account with subaccounts for, e.g. Purchase,
Renovations, etc.
That way I account for improvements that change the basis, and the summed
balance of A:FA: is my current basis.
-derek
On Tue, July 12, 2022 8:38 am, To
I have looked at several accounting books and websites for an example of
accounting for an owner's personal residence and US fedral tax treatment
for improvements contributing to basis, but I haven't yet found a recipe
suitable for my lame level of bookkeeping knowledge.
Can anyone point to such a
