Hi, We have some furniture that has been fully depreciated. After sitting in storage for a while, the furniture was ruined, even though it had some resale value. Say it was about $1,000. But we had to toss the furniture and now get nothing. How can I book that $1,000 loss?
How to take a loss on assets
Answers
If fully depreciated then there is no asset value to write off to a loss. No loss to record just remove the asset and its related accumulated depreciation from the books.
Filed Under:
Accounting