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pacoford
Level 5
February 25, 2025

Where to enter in Proseries Basic assets not depreciated and sold at a loss

  • February 25, 2025
  • 1 reply
  • 5 views

I have a farm client that sold various pieces of equipment that are not on my depreciation list. Somewhere along the way (years back), he failed to mention the purchases is my guess. The client took a loss so where do I enter the sales? Do I have to enter each item in the asset entry worksheet?

1 reply

IRonMaN
Level 15
February 25, 2025

If they aren't on your depreciation schedule, wouldn't that mean he ran them through an expense when he purchased them?  If so, there wouldn't be a loss for something that has zero basis.

Slava Ukraini!
pacoford
pacofordAuthor
Level 5
February 25, 2025

Unfortunately, his bookkeeping skills leave a lot to be desired. His previous accountant was never given the information. 

sjrcpa
Level 15
February 25, 2025

Are you sure?

My vote is with Jeff.

The sales price = income since there is -0- basis.

 

There's also that pesky rule about depreciation allowed or allowable.

The more I know the more I don’t know.