Sale of rental property

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When a rental property is sold, how do you allocate the sales price across multiple depreciable items like renovation improvements and purchase of new appliances?

Lacerte Tax

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George4TacksAnswer

Level 15

I am gonna break down and offer up a nice fresh fish, but with no pole. https://proconnect.intuit.com/community/help-articles/help/entering-a-bulk-sale-of-assets-in-lacerte/00/5371

I will add one more "trick" If you have a group of assets that all need a sale date e.g. 5/31/2019 use Ctrl C to copy that data > Use Ctrl and the ꜜ (down arrow) to get to that field in the next bit of data > Use Ctrl + V to paste the date there > Repeat > Rinse. This can be used to tie all those bulk assets together.

Key is tie them all to one asset that has all the sales information.

Answers are easy. Questions are hard!

sjrcpa

Level 15

Don't. Use the bulk sale feature.

The more I know the more I don’t know.

C

ChatterAuthor

Level 3

Don't know how to use the bulk sale feature.

abctax55

Level 15

Type "bulk sale" in the Search box & you'll find several articles.

HumanKind... Be Both

George4TacksAnswer

Level 15

I am gonna break down and offer up a nice fresh fish, but with no pole. https://proconnect.intuit.com/community/help-articles/help/entering-a-bulk-sale-of-assets-in-lacerte/00/5371

I will add one more "trick" If you have a group of assets that all need a sale date e.g. 5/31/2019 use Ctrl C to copy that data > Use Ctrl and the ꜜ (down arrow) to get to that field in the next bit of data > Use Ctrl + V to paste the date there > Repeat > Rinse. This can be used to tie all those bulk assets together.

Key is tie them all to one asset that has all the sales information.

Answers are easy. Questions are hard!