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Sale of rental property - improvements

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Level 3

I understand the rules associated with the sale of a rental property but I'm not familiar with the program entries in Pro Series.  In this case a property was sold for 180,000.  Over the years this property had several improvements that were depreciated also.  Do you allocate this sale price to all the components of the sale? House, roof, windows, etc? Want to make sure these assets are correctly all listed as sales in program and not carried forward.

Thank you

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3 Replies 3
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Level 15

The following may help.  If not, please give us another holler and someone may stop by to provide more info.

https://proconnect.intuit.com/community/help-articles/help/reporting-bulk-asset-sales-in-proseries/0...

https://proconnect.intuit.com/community/proseries-discussions/discussion/how-in-proseries-do-you-gro...

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Still an AllStar
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Level 8

The seller and the buyer have to agree on the assets and the value.  You then apply that information to the clients return.

Dusty

This forum is not for only Professionals or those who use Intuit products.  The answers you receive may have been provided by someone with no experience – maybe someone who uses H&R Block software.  Who knows.

 

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Level 5

I usually apply the overall sales price to the sale of the building and then sell the other assets for $0. It's easier that way. If you want to allocate the sales price to each asset based on their relative overall cost, I suppose that's another option. Too much work for me though. Just don't forget to check the "complete disposition" box on the Sch E worksheet!!