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Created by AgExpert Support
Created on Feb 28, 2022

Disqus Agexpert Accounting Questions Archive

How can i enter the sale of an old fertilizer bin. Do I enter it as a capital Asset sold (C-). I dont have it entered in my list of capital assets and tried to enter it but i dont know the original purchase date

  • ADMIN RESPONSE
    Feb 10, 2025

    You're correct, to sell the old fertilizer bin, you'll use a C- line. You will have to add it into your list, and as far as the date goes, just use something historical. If you think the bin is about 15 years old, enter a date sometime in 2007. Your accountant will have a good idea of how much it has depreciated and be able to calculate any capital gains (unlikely) or losses necessary.

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