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In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
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- How to record a sale of a rental property with multiple assets? Do i need to check a box for a final rental property return?
How to record a sale of a rental property with multiple assets? Do i need to check a box for a final rental property return?
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dcarusocpa1
Level 1
03-03-2022
04:34 PM
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IRonMaN
Level 15
03-03-2022
04:58 PM
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You have two choices.
1. Allocate the sales price between all of the assets.
2. Group all of the assets together and report as one sale. Which would mean adding all of the costs and accumulated depreciation totals together, creating one asset using those totals and deleting the individual assets.
Slava Ukraini!
