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Real Estate Sale

Joe6
Level 2

I have an asset purchased several years ago. Land with a building on it. Building has been depreciated. Client has sold one-half of the building. Retained the other half.Is there any provision in the program to "dispose" of less then the entire interest in the building? I have to figure gain/loss and any recapture. It would be nice if the program can do this for me and keep up with the depreciation on the the remaining portion of the building. Thoughts?

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3 Replies 3
IRonMaN
Level 15

Take the asset and break into two assets and then delete the old asset - problem solved.

ACME Taxes, Tattoos, Tires and Tasmanian Devils - one free devil with every return.
Joe6
Level 2

Thanks. Thats actually what i had done before. Hoped for an easier solution. But your right.

George4Tacks
Level 15

https://proconnect.intuit.com/community/tax-talk/discussion/rolling-stones-issue-statement-on-7-15-p...

I remember a line from a movie "It's good to want things." I don't remember which movie.

 


ex-AllStar