Did I set this up correctly - house with negative equity

[Michael DeBusk]

Alex Zuroff wrote:

> In the Assets:Fixed Assets:House:Unrealized Gain I entered a transaction
> with a "Decrease" amount for the amount that our house has gone down since
> we bought it (we live in California).  The transfer account for this
> transaction was Income:Unrealized Gains.

The transfer account should have been "Opening Balances". You lose
nothing until you sell, so you can't yet call your unrealized loss an
expense or your unrealized gain an income.

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