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Where would you put a new major appliance purchase for your home, not a rental
Just wanting some opinions. I like to track my expenses and net worth as accurately as possible. Normally when I make a purchase it is either an expense or it is a transfer to an asset account, such as Kitchen/Appliances, Tools, Sporting Goods etc. And then occasionally I adjust the balance using depreciation expense. I track my inventory of items separately on an excel spreadsheet. So I just bought a new refrigerator for my home, it will sell with the home, so I don't want to transfer the value to my kitchen/appliance acct. It will not increase the value of my home, so don't really want to transfer it to that account, it is not a capital expense that I can add to the cost basis. I am thinking the best way to keep track of it would be as a housing expense, repair and maintenance. I also have a category of major expenses. I put my sons' wedding expenses in that category.
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