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How to enter a bulk sale of assets in ProConnect

SOLVEDby IntuitProConnect Tax21Updated April 06, 2022

Follow these steps to enter a bulk sale on the Depreciation screen:

 

If the client sold a building, land, and improvements, use the building as the main asset. In all other situations, use the lowest number asset as the main asset.

  1. From the left of the screen, select Deductions and choose Depreciation.
  2. Locate the lowest numbered asset within the group.
    • For example, if assets #3, 5, and 7 were the group for the sale, asset #3 would be the lowest asset.
  3. In the Quick Entry grid for the lowest numbered asset, click the blue Details button to expand the input section.
  4. From the top of the screen, select Dispositions.
  5. Under the General Disposition Information section, enter any applicable fields:
    • Date sold, disposed, or retired (MANDATORY)
    • Basis adjustment (land, etc.) [Adjust]
    • Expenses of sale or exchange
  6. Scroll down to the Sale of Asset (4797/6252) section and enter the Sales price (-1=none) for the bulk sale.
  7. Review the other fields for any other information related to the bulk sale for this asset.
  8. Go back to the Quick Entry grid and complete only the following two entries for all subsequent assets associated with the same bulk sale:
    • Date sold, disposed of, retired
    • Bulk sale (multi-asset disposition: select the asset containing disposition amounts)
    • Remember to click the blue Details button in the Quick Entry grid to expand the input fields.
  9. Review all other fields for possible required entries.
    • Keep in mind that all information regarding the sale is entered on the main asset.
 

All assets in a bulk sale must be the same type (for example, 1245, 1250, intangible, etc.). This classification is determined by which depreciation method is used. Prepare a separate bulk sale for each different category of asset.

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