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Babak
Level 5
December 29, 2024
Question

Sale of a rental property by a Partnership

  • December 29, 2024
  • 1 reply
  • 10 views

My client (a partnership-Form 1065) recently sold a rental property that's been depreciated for a long time. To enter the sale, is depreciation section (under the Disposition) my only option? or can I report the sale another way?

 

thank you

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    1 reply

    Accountant-Man
    Accountant-Man
    Level 13
    December 30, 2024

    You need to have the Sec. 1250 depreciation calculated, so it is best to do it the right way.

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      B
      BabakAuthor
      Level 5
      December 30, 2024

      That part is done, but since there is land an a building, I wanted to see if there is another way to do it.

      George4Tacks
      George4Tacks
      Level 15
      December 30, 2024

      You can create two sales. Make the land a 2nd sale, all by itself. Allocate what you consider an appropriate portion of the sales price and sales costs to that sale and reduce those items for all the other items sold. It can all be done through the depreciation screen. 

      EDIT - for the land portion - check the box for Form 4797, Part 1.  For all the other assets link then and indicate a 1 for section 150 in the field Blank=1245, 1=1250, 2=.....

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