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A two unit commercial building was combined in Asset Entry. There was a 1031 exchange for one of the units and the other unit was sold later in the year.
How do I report the sale so that each unit is reported separately on the appropriate exchange/sale date?
Thank you.
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First, uncombine them in Asset Entry.
Ex-AllStar
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I thought I would need to split out the assets in Asset Entry and looked for instructions on uncombining assets but found nothing.
I don't want to do anything that will mess up the reporting in PS so how do you uncombine assets?
Is it as simple as creating two new asset entry sheets with each unit's respective information and then deleting the combined Asset Entry worksheet? Or will deleting that AE wksht create a problem?
Thanks for your help.
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@david3 wrote:
Is it as simple as creating two new asset entry sheets with each unit's respective information and then deleting the combined Asset Entry worksheet?
Yes, that is what you need to do.
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Thanks.
