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- Sale of rental property in an LLC
Sale of rental property in an LLC
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JF19
Level 2
02-20-2024
06:52 PM
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I need help. Client has sold rental house and land for $285K. Land is $44K, House is $104K, improvements of $ 40K. Selling costs of $29K There are a few items on depreciation schedule that will have recapture. Lacerte is computing and showing on Worksheet Gain on Disposition of Sec 179 Assets of $66K for Schedule K, Line 20. This makes no sense to me--why would it say gain on sale of Sec 179 assets when the land has no depreciation, and almost all the assets were depreciated 27.5 years straight line. I have broken out from the bulk sale what would be subject to recapture. I just spent 2 hours on the phone with Lacerte and no one can tell me where this calculation comes from. Anyone out there that can help? Assets have been held more than 1 year. Thanks!!
1 Comment 1
pamdory
Level 8
02-21-2024
09:07 AM
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Is there a chance that an asset was added with prior depreciation entered in the Prior Section 179 field instead of Prior depreciation or amortization field? I seem to recall these fields have changed positions some year in the past and I've caught myself entering a new client's info into the wrong field on the first try.
