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tastyhouserental
Level 1

How do I enter in the asset register a fixed asset that was gifted to the company?

 
1 Comment 1
Rustler
Level 15

How do I enter in the asset register a fixed asset that was gifted to the company?

In the chart of account, create the fixed asset account, and accumulated depreciation account

 

then it depends, usually the Fair Market Value of the asset is used as the cost and the offsetting entry is Other Income.  

 

But you should refer to IRS Pub 561, there are options depending on what type of fixed asset it is

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