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Experienced Member

Towing Company

I have a towing company as a client - They had a vehicle they towed and it accumlated $1000.00 in towing costs. The owner has bascially lost "rights" and the vehicle is now property of the towing company.

 

 They sold the vehicle for $500.00   - How would i record this because technically it isnt "income" they lost $500.00 on the sale because they had $1000.00 in towing costs.

 

 

1 Comment
Established Community Backer ***

Re: Towing Company

Check with your accountant. I would write off the loss to bad debt.

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