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How to record gift?

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    #1

    How to record gift?

    We are an affordable housing organization. We received 5 donated lands in the amount of $870,000 (FMV) from the County. How can we record the donated land?

    Gift = donated land = free of charge
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    #2
    Are you a non-profit? If so, I would assume it goes on line 1, Part 1 of Form 990.

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      #3
      Journal entries:

      Debit: Land

      Credit: What

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        #4
        Revenue: Contributions from municipality.

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