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- best way to report gain on sale of rental real estate
best way to report gain on sale of rental real estate
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KBarr
Level 1
10-14-2021
06:08 PM
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How best to report sale of rental property? sale of each asset (real property, furnishings) or one entry on form 4797 for full sales price?
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2 Comments 2
dd4vols
Level 10
10-14-2021
06:15 PM
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if you have the individual assets set up on depreciation, then I think you need to dispose of them separately. may have to prorate the sales amount based on some reasonable formula, (original cost, actual asset sales amount agreement, etc)
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dkh
Level 15
10-14-2021
06:26 PM
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What I've done when there are multiple entries for the real property - original purchase and several improvements - I total all into one entry. For the rental furnishings I keep separate.
