[GNC] Asset accounts: cost, or value?

[David Carlson]

Nobody knows the value of a fixed asset like a house other than the buyer
when he makes an offer.  This includes GnuCash.  There are ways to trick
GnuCash into showing what your tax assessor or Zillow might estimate, but
it would be a lot of work to manually update your estimates from time to
time.

On Tue, Sep 1, 2020 at 9:51 PM Marcus Winston <marcus at thechocolatehouse.net>
wrote:

> I'm working on tracking asset values, costs, capital gains, and such, in
> GnuCash. Specifically for my house (primary residence). I've sold one
> house, and own a second.  I have created some accounts for this:
>
> Assets:Fixed assets:House1
> Assets:Fixed assets:House2
> Liabilities:Mortgage
> Income:Capital Gains:House
> Expenses:Asset Purchase
> Expenses:Asset Sell
>
> I had thought that the Assets:Fixed assets:House would reflect the value of
> the house. But after putting the purchase price of the house, and then
> adding the costs to purchase (recording fees, appraisal, etc), I conclude
> that the House account actually reflects the total cost of the house, and
> not necessarily its value. First question: is that a correct view of the
> Assets:Fixed assets:House1 account?
>
> Since I've sold that house, I can add the costs-to-sell to the basis of
> that house, and from there, calculate capital gains. And it's this that
> leads me to think that the House1 asset account reflects the cost of the
> house, and not the value of the house.
>
> Regards,
> MW
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-- 
David Carlson