- Dec 27, 2022
- Reaction score
- 2018-08-01: Purchase asset for $100.00 from bank account.
- +100.00 balance in Assets > Equipment
- 2018-12-31: Take Section 179 deduction.
- -100.00 balance in Assets > Accumulated Depreciation
- +100.00 balance in Expenses > Depreciation Expense
- 2022-02-20: Sell equipment at loss for $80 cash
- +80.00 balance in Assets > Cash
- +80.00 balance in Income > Sales
How do I account for the $20 loss? Or does that matter... since I took the 179 deduction, I can't deduct the loss?
What happens to the value in Accumulated Depreciation? Do I just cancel it against the equipment value?