Reporting sale of fixed asset

Does a church need to report the sale of a fixed asset to the IRS?

Comments for Reporting sale of fixed asset

Click here to add your own comments

Accounting for the Sale of a Fixed Asset
by: Vickey

I don't know of any requirement to report the sale of a church's fixed asset to the IRS; however, you should make sure you record it properly in your accounting records. You would record it the same as a "for-profit" business, so you can search the internet for step by step instructions on how to record a fixed asset sale.

HOWEVER, please note that if it is the sale of a closing church... there are several "laws" governing what can happen to those proceeds, so if that is the case... PLEASE consult a knowledgable CPA or attorney.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Church Accounting FAQs.