Quickbooks & property appreciation

[Adam Roberts]

Team - has anyone (who uses quickbooks) been told by a CPA to hold their property values steady (i.e. original purchase price/value) in their books around tax time?  It would be nice to have an accurate picture of total portfolio value on the books, and I know to change asset value requires more than just 'changing the number' in Q.B., but what gives?  I suppose I can live with a more modest/conservative value in the balance sheet for now.  But what about 15+ years down the road...? Wondering if I am the only one keeping my property values steady on the balance sheet.....

[Natalie Kolodij]

Properties are recorded at cost/tax basis. This is per tax code. 

If your balance sheet is showing appreciation it's incorrect and if you use that to obtain lending it's mortgage fraud. 

If you want to track your overall portfolio value do it outside of quickbooks. Use a spreadsheet or such.