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Entering a disposition of rental activity with multiple depreciated assets in ProConnect Tax

SOLVEDby IntuitProConnect Tax27Updated September 21, 2021

There are several ways to dispose of activities in the program, but for assets reported in the Depreciation screen, the easiest way is to enter a sale of multiple assets as a bulk sale.

  1. Go to the Input Return tab.
  2. Select Deductions > then Depreciation from the left menu.
  3. Select the primary asset that is being disposed of (for example, Rental Home).
  4. Select the Details button to open the input area.
  5. Select the Dispositions tab at the top-right.
  6. In the General Disposition Information section, enter the following:
    • Date sold, disposed, or retired (MANDATORY)
    • Basis adjustment (land, etc.) [Adjust] (if applicable).
    • Expenses of sale or exchange (if applicable).
  7. Scroll down to the Sale of Asset (4797/6252) section.
  8. Enter the Sales Price (-1=none). This is the total sales price for all the assets included in the disposition.
  9. Scroll down to the Miscellaneous subsection.
    • Enter a 1 or 2 in 1=complete disposition of passive activity, 2=partial (triggers 8582).
  10. Select the next Asset that is to be disposed (for example, Land) from the left panel.
  11. Go back to the General Disposition Information section.
  12. Enter the Date sold, disposed, or retired (MANDATORY).
  13. Select the main asset from the Bulk sale (multi-asset) disposition: select the asset containing dispositions amounts from the dropdown menu. Don't enter any sales information on this asset.
  14. Repeat steps for all assets associated with this disposition.

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