I've encountered a problem with the sale of rental real estate.
On the asset entry worksheet, I entered the sale information, and the current depreciation amount was increased by the remaining basis on the property.
This amount shows that it was fully expensed on Sch E line 18a.
Did I check the wrong box, or am I just losing it?
I was walking along just now and found a mind that appears to be lost. Is it yours?
If all else fails, I would print the depreciation report, delete the asset and enter it from scratch to see if that solves the mystery.
and ex marks the spot where those rocks and anvils hit me.
Thanks for the good answers which helped lead to the issue.
I combined all of the assets for the sale of the property rather than a sale of multiple improvements over the years which obviously gave a skewed result and expensed the remaining depreciation. I used an acquisition date 30 years ago when the property was originally purchased so there would be no remaining depreciation and the software expensed on Sch E the difference.
It's certainly a nuisance having the allocate the sales price through all of the assets.
I've used other tax software that would combine assets for a sale and have no idea why Proseries has never added this feature.
Thanks again, everyone.