Tracking Primary Residences

[Mike or Penny Novack]

On 6/25/2017 5:07 PM, Leo Bolta wrote:
> Excellent!  I'll try tracking the property with periodic valuations in on a
> "off books" set of books as you suggest.  Question: I assume that I'll still
> need to enter an "Opening Balance" of the property in my standard booking
> system, and so by what calculation shall I enter that value?  Shall I enter
> the opening balance with an estimate of it's "effective book value" of when
> I started GnuCash, which is about 6 months ago OR shall I go back about 6
> years and enter an estimate of it's original purchase price, tallied
> together with premove-in upgrades and closing costs?
>
> Leo
That's not a gnucash question and with the caveat that I am NOT 
"qualified" as an accountant or tax advisor and that this question is 
really related to jurisdiction ----- you should enter the original basis 
+ closing costs and then adjust for upgrades that ARE allowed (by tax 
code) to be included in the basis because THAT is what you will need to 
figure eventual capital gains (if sold for more and proceeds not going 
toward a replacement house of equal or greater cost). But again that is 
all "tax stuff" which as I said I am NOT qualified to advise you about 
so consult a professional or go by your own reading/understanding of the 
tax codes.

Michael D Novack