I did a lot of browsing and searching, to find nothing regarding this. 
>Assume a body submerged in water(or any liquid for that matter). When we draw the FBD, we show the buoyant force, the weight of the object. These two forces simulate and determine whether the object sinks or floats(neglecting viscosity and other non-ideal conditions).

My question is, why don't we also include the weight of water with these two forces? 
[![enter image description here][1]][1]


  [1]: https://i.sstatic.net/FyUREy9V.png