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Jolapp
Level 1

Update value of fixed asset

Hello, I started using QB for personal finances and Rental Properties, how can I update the value of my properties in fixed assets? For example, I made improvements to a property after which it increased in value and I want that to reflect in the company net worth without changing the purchase price. Thank you! 

2 Comments 2
john-pero
Community Champion

Update value of fixed asset

Anything of an improvement such as a new roof or a furnace qualufies as its own asset for depreciation separsste from your original 27.5 years of the building (land value having been removed at purchase since land cannot be depreciated) . Increased value from market glucuations is NEVER booked. You can create sub asset accounts for the improvements but you cannot arbitrariky increase any value without having spent tge same amount

Jolapp
Level 1

Update value of fixed asset

Thank you, John! 

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