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

Jun 30, 2021
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.

If you want to DIY your payroll, I highly recommend you look at using Gusto! It is very user friendly and their support is awesome! Plus they know how to set up and maintain payrolls for churches and nonprofit organizations.

Note: I am a "partner" of Gusto, but as I have told you before ... I never recommend anything that we or our clients have not tried and love =)

Share this page:
Enjoy this page? Please pay it forward. Here's how...

Would you prefer to share this page with others by linking to it?

  1. Click on the HTML link code below.
  2. Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment, your Facebook account, or anywhere that someone would find this page valuable.