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- Sale of Rental Property Diagnostic
Sale of Rental Property Diagnostic
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DoIreallyneedto
Level 1
04-23-2021
11:11 AM
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Client sold a rental property consisting of land, building and improvements. Getting critical diagnostic:
method differs from main asset of bulk sale in which it is included....should be input as separate asset.
Questions:
Is bulk sale the correct way to book?
If I sell improvements separate from land/building, how is purchase price allocated?
Is there something else I'm missing?
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1 Comment 1
George4Tacks
Level 15
04-24-2021
03:54 PM
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Land (99) and building (code 85 or 87) can clearly go together. The improvements should be allocated separately, but since they are integral to asset being sold I have been known to cheat and go to the assets and change the method to match the building (but don't tell anyone I have done that.)
Here's wishing you many Happy Returns
