disposal of fixed asset that has no depreciation - non profit
We recently demolished our parsonage but are retaining the land it was on. There has been no depreciation over the years recorded. How do I record the disposal of the parsonage and remove it from fixed assets. Thank you.
You need to contact the church's CPA. Is there a reason the building was not depreciated? From my understanding, if it's on the balance sheet, you need to depreciate it, just as any for-profit business would. If you should have taken depreciation and didn't, that complicates things quite a bit and your CPA is the best resource for your situation.
disposal of fixed asset that has no depreciation - non profit
I was never given a clear understanding of why the church never recorded depreciation. It appears they never did at all over the years. I was lead to believe it wasn't necessary. So I am awaiting an answer as to who we are to contact for a resolution to this issue. Thank you for responding.
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