Cars, Boat, and Personal Property
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Cars, boats, and other personal property
Cars, boats, and other valuable personal property can usually be handled nicely with individual accounts. In general, you don’t need to make a lot of adjustments to the value of these assets. And you probably will make improvements that increased their value, anyway. So you may just want to periodically (say, at the end of the year) update the account balances so that the assets ending balance approximates its fair market value.
Asset lists for property and casualty insurance
It’s not a bad idea to maintain records of the assets you’ve insured with a property insurance policy. The reason for this is probably clear: if disaster strikes, a list of the insured items can make claim reports and collections easier and more complete.
To create such a list, set up another asset account called something like called personal property and carefully list all assets you’ve insured. When you purchase a major new item in the future, remember to add it to the list. The more information on your list, the better. If possible, include information like model numbers and original costs. Remember that you can use the split transaction dialog box to store additional data.
One other point. Your asset list will do much good if your computer and all your backup disks are lost in a fire or flood (or what ever casualty destroys or damages a property you’ve insured). For this reason, you should probably keep an up-to-date copy of your asset list in a secure place such as a safety deposit box.
In conclusion
Because Money provides an asset account, you can use Money to keep records of all your major assets: your home, the cars you drive, and any other valuable items you own. To be quite frank, most people probably won’t want to (and shouldn’t) disease go to the work of keeping records of their nonfictional assets. The work required can be rather significant in light of the benefits. But those people who do will be able to produce net worth reports easily. And homeowners can probably save capital gains taxes in the future when they sell their homes.
Money’s strength lies in keeping records of financial assets like bank accounts, money market funds, and investments, as well as in tracking liabilities such as mortgages and credit cards. But besides tracking these sorts of assets and liabilities, you can also use money to track what ever else you own. By doing so, you can produce net worth reports. If your a homeowner, you can even keep a record of the improvements you make to your home, and that can save on taxes later down the road.
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