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Loss to abandonment of fixed assets
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AlberthLC
Level 1
06-22-2023
11:27 AM
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In Dec 2022, the company (SCORP) decided to abandon a fixed asset and disincorporate it. It had a book value of $387K, it was recorded as loss or abandonment of assets in the item of expenses. My question is: Where should I record that loss or expense within the Lacerte system. Thank you all.
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abctax55
Level 15
06-22-2023
11:37 AM
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You "sell" the asset(s) for zero dollars, and then let the very expensive software compute the gain/loss for you.
"....it was recorded as loss or abandonment of assets in the item of expenses" You don't do it this way.
"*******Tax software is no substitute for a professional tax preparer*******
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