Q. I am trying to determine if I should use a non inventory item to track our cost to purchase and sell a house.
A. First you have to decide, whether you purchased the house for fix, rehab and flip or for rental or if it will be your primary residence. After you have made the decision, treat the purchase of the property as a service item and link it to the right real estate asset account. Here is a general rule of thumb to build your chart of account: