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Disposition of Rental Property with multiple Asset Worksheets

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Level 2
last updated ‎January 27, 2020 4:21 PM

Hello - New to Proseries and need some assistance on the Disposition of a Rental Property.  I see Box H, Complete Taxable Disposition & I see how to enter the disposition information on the Asset Worksheet for the property.  But I don't see how to include all other depreciable assets associated with this property in the sale.  Is there a way to do this in Proseries?  Our old software had a simple check box that would allow you to include all assets related to the property in a disposition (and that software was MUCH more generic than Proseries), so I figure I must be missing something on this?  But I've spent a good amount of time looking and just don't see how to do this.  Any assistance is greatly appreciated!   

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Level 15
last updated ‎January 27, 2020 4:21 PM

You have two routes to go.

1.  Allocate the sales price to each individual asset.

2.  Take the total of all of the assets and accumulated depreciation and create a new asset using those totals and delete the other individual assets.  I believe this is the route recommended by 9 out of 10 dentists (or accountants - its been a long day).

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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Level 2
last updated ‎January 27, 2020 4:21 PM

Thanks IronMan for your answer.  Not exactly what I was hoping for, but is definitely helpful to have an answer AND a workaround!  Thanks again.

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Level 15
last updated ‎January 27, 2020 4:21 PM

You betcha!

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.
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