Does a church need to report the sale of a fixed asset to the IRS?
1Comments
Accounting for the Sale of a Fixed Asset
VVickey
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.
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.