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selling a rental property

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Level 2

I have all the particulars but there is no place to enter the prior depreciation to recapture

I am not getting any error report for this return

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Level 15

Enter all of the info into an asset entry worksheet and report the sale there.  It's as simple as learning to tie your shoes.  Well, for most folks anyway -------- some of us had trouble learning how to tie our shoes.

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

View solution in original post

7 Replies 7
Highlighted
Level 15

Enter all of the info into an asset entry worksheet and report the sale there.  It's as simple as learning to tie your shoes.  Well, for most folks anyway -------- some of us had trouble learning how to tie our shoes.

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

View solution in original post

Highlighted
Level 2

Thank You for your prompt answer

I was able to solve my problem

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Level 1

Rental Property is in NY and client lives in GA.  Client paid NYS estimated tax on the sale at closing.  Is that considered a selling expense

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Level 15
Level 15

state taxes paid is not a selling expense


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 15
Level 15

The program will do the heavy lifting for you and move things to where they should go if you enter the disposition information in the asset entry worksheet.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Highlighted
Level 2

Thank you for your prompt answer.

You helped solve my problem!

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Level 15

I'm glad you got things figure out!

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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