| dko_scOH - 12/24/2024 08:30
No. I can see the rationale for that, if you plan on selling it. But this land will be passed down at my death, with a new basis.
But to your banker the land is worth the value minus tax liability. The balance sheet serves 2 purposes, 1 to know your true value if you needed to liquidate assets, 2 to see your growth or decline from year to year. Stay consistent with what you do on your balance sheet so number 2 is good data. |
Balance sheet adjustment
