Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Lacerte Tax
- :
- Lacerte Tax Discussions
- :
- Loss to abandonment of fixed assets
Loss to abandonment of fixed assets
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
AlberthLC
Level 1
06-22-2023
11:27 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
In Dec 2022, the company (SCORP) decided to abandon a fixed asset and disincorporate it. It had a book value of $387K, it was recorded as loss or abandonment of assets in the item of expenses. My question is: Where should I record that loss or expense within the Lacerte system. Thank you all.
Labels
1 Comment 1
abctax55
Level 15
06-22-2023
11:37 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You "sell" the asset(s) for zero dollars, and then let the very expensive software compute the gain/loss for you.
"....it was recorded as loss or abandonment of assets in the item of expenses" You don't do it this way.
HumanKind... Be Both
