SALE OF RENTAL PROPERTY

Forum|Forum|3 years ago
March 4, 2023
2 replies
16 views

I need help with sale of rental property.

Where do I report it?

Purchased 9/11/2007 for $169,900

sold 10/07/2022 for $185,000

Only 2 things were depreciated / on asset entry worksheet

The building since 2010 (still depreciating) and appliances since 2015 (finished). I know I have to add back in depreciation. How do I do the math or what am I supposed to do?

She did not buy a like kind exchange

This is my first rental sale without my mommom helping me.

Thank you for all your help!!

ProSeries Professional

This topic has been closed for replies.

T

TaxGuyBill

Level 15

The simplified version:

Go to the Asset Entry Worksheets of the appliances, scroll down, and enter the disposition date and leave the sale price blank.
Then go to the Asset Entry Worksheet for the building, scroll down, and enter the sales information.
On the Schedule E worksheet, check the box that it is a "fully taxable disposition" (box G???).

IRonMaN

Level 15

Unless the purchase agreement lays out a specific price for the appliances, I would just delete them from your depreciation schedule. Then the sale is easy. On the asset depreciation worksheet there is a spot for entering sales info. Remember to report any closing costs that the seller paid for when filling in the sales info.

Slava Ukraini!

MGC94Author

Level 7

The appliance dept was for $1,500 over 5 years starting in 2015.

I do not see anything on the closing sheet about appliances at all.

I thought you had to add back in depreciation? Like look at old years and see what was deprecated and add it back in?

It was used as a rental for 2022 up until it sold so I do still have the rental on the schedule E

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