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Level 1

Disposal of Fixed Asset

I have a Fixed Asset (MAC Computer) recorded in 2017 showing on my Balance Sheet.  I have not depreciated the asset.  The computer has died and is on no use anymore, thus no value.  What are the specific steps to record the disposal of this asset in Quickbooks?  THX! 

2 Comments 2
Level 15

Disposal of Fixed Asset

You need a tax accountant, the reason I say that is technically you are required to account for the depreciation that you could have taken but did not.  The depreciation would have reduced the asset value to zero by now, so the disposal would not create an expense, but without the annual depreciation there  is no way to remove the asset without it being an expense.

Level 1

Disposal of Fixed Asset

If you just want it off your balance sheet (2017), that tax year is LONG gone.  Easiest, sell it to "whoever" for one dollar.  Eat the gain on the sale ($1):).  Easy and will work just dandy.

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